Key Takeaways; Cannabis Sector

• Verano Holdings Ended Legal Battle with Vireo Growth; The Company Also Reported Third Quarter 2025 Financial Results
• Jushi Holdings’ Subsidiary is Targeting DoorDash and Total Wine in Landmark Lawsuit Over Illegal Hemp THC Sales

Key Takeaways; Psychedelic Sector

• Compass Pathways Expanded Leadership and Research to Advance Precision Mental Health Treatments
• Clearmind Medicine Completed First Cohort Treatment in Alcohol Use Disorder Trial
• MIRA Advanced Ketamir-2 Clinical Program with New Phase 1 Trial Milestone

Below is a weekly roundup of what happened this week in the cannabis and psychedelic sectors. In this ever-evolving landscape, we explore the major developments and groundbreaking initiatives happening among companies operating in these industries; from advancements in medical research, therapeutic applications to shifts in legal frameworks and current market trends.

Top Marijuana Companies for the Week

#1: Verano Holdings

Cannabis multistate operator Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) delivered a week of mixed but pivotal developments; announcing its third-quarter 2025 financial results while simultaneously ending a multi-year, high-stakes legal dispute with Vireo Growth Inc. (CSE: VREO) (OTCQX: VREOF).

For the quarter ended September 30, 2025, Verano reported revenue of $203 million, narrowly missing analyst estimates of $207 million and slightly down from $217 million in the same quarter last year, reflecting a 6% decline year-over-year. Gross profit came in at $95 million, representing 47% of revenue, while SG&A expenses were trimmed to $81 million.

Additionally, the company posted a net loss of $44 million, or $0.12 per share, which was below expectations. Despite reporting a net loss, adjusted EBITDA came in at $53 million, maintaining a strong margin of 26% of revenue. The company also generated $26 million in operating cash flow and reported $83 million in cash with $242 million in working capital.

“This quarter reflects our hard work positioning Verano ahead of long-term growth opportunities by investing in infrastructure, generating efficiencies, improving wholesale and brand performance, and strengthening our capital structure and financial foundation for the future,” said George Archos, Verano’s Founder, Chairman, and CEO. He added that Verano is preparing for a “transformative year for the company and the industry in 2026.”

In a separate but equally significant development that closed a major legal chapter, Verano and Minnesota-based Vireo Growth, which was formerly known as Goodness Growth Holdings, announced a comprehensive settlement resolving all litigation stemming from their failed $413 million merger in 2022. The lawsuit, which had been filed in the Supreme Court of British Columbia, initially saw Vireo seeking nearly $861 million in damages after Verano backed out of the acquisition during the post-boom cannabis market crash.

Under the settlement, Vireo will receive $1 million in cash and $10 million worth of Pennsylvania real estate assets. Both companies said in a joint statement that the agreement allows them “to focus fully on their respective strategic priorities without the distraction of ongoing litigation.”

#2: Jushi Holdings

In a complaint filed on October 27, 2025, Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) subsidiary is taking a bold legal stand against what it calls an “unfair and unlawful marketplace” in Virginia’s cannabis sector.

Jushi’s subsidiary Dalitso LLC, which operates the Beyond Hello medical dispensary chain, filed a sweeping lawsuit against DoorDash, Inc. (NASDAQ: DASH), Total Wine & More, and several other businesses, accusing them of selling intoxicating hemp THC products that violate state law and undermine the regulated medical cannabis market.

The lawsuit, which was filed in Virginia’s Circuit Court of Arlington County, claims that DoorDash and Total Wine are “masquerading unregulated intoxicants as lawful hemp.” The case cites a beverage called Coastalo THC Red Cream Soda, allegedly sold by Total Wine and delivered by DoorDash, that contained more than double Virginia’s legal 2-milligram THC limit for hemp products.

“These products are, in reality, potent and dangerous forms of marijuana, offered without the mandatory safeguards, testing, or oversight that the Commonwealth imposes on licensed cannabis operators,” the complaint states. Jushi’s subsidiary argues that these unlicensed hemp sales are “a deliberate and coordinated scheme to erode Virginia’s heavily regulated medical cannabis market.”

Dalitso is seeking more than $80 million in damages, as well as court orders to halt unlicensed THC deliveries and sales near its dispensaries.

Virginia currently allows possession of adult-use marijuana but still bans retail sales; a gap that has fueled both illicit and hemp-derived THC markets. Licensed cannabis operators like Jushi, who pay steep regulatory fees and follow rigorous compliance standards, say unregulated hemp sellers are undermining both safety and fair competition.

This is not Jushi’s first legal strike. The company filed a similar lawsuit in Pennsylvania earlier this year against several online hemp retailers, which the company accused of selling illegal intoxicating THC products that “directly undermine” the state’s medical marijuana program.

Top Psychedelic Companies for Week

#1: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS), a biotechnology company focused on developing innovative treatments for serious mental health conditions, announced two major developments this week; an R&D partnership with NeuroKaire and the appointment of Dr. Jeffrey Jonas to its Board of Directors.

The new collaboration between Compass Pathways and NeuroKaire aims to advance precision medicine for depression. Under the agreement, NeuroKaire will apply its AI-powered neural analysis platform to study how psychedelic compounds affect communication between neurons derived from patients with treatment-resistant depression and major depressive disorder. The research is expected to provide deeper insight into how these compounds work at a cellular level, supporting the development of more personalized and effective mental health therapies.

In a separate announcement, Compass Pathways appointed Dr. Jeffrey Jonas to its Board of Directors. According to the company, Dr. Jonas has over 30 years of neuroscience and pharmaceutical leadership experience. He previously led Sage Therapeutics and held senior positions at Shire Pharmaceuticals and Forest Laboratories.

Compass CEO, Kabir Nath, welcomed Dr. Jonas, stating “With Compass leading the field of psychedelics and looking ahead to potential commercialization for COMP360, we are grateful to have Dr. Jonas’ extensive experience in neuroscience.” He also thanked outgoing board member Thomas Lönngren for his “insights and thought leadership” over the past six years.

Dr. Jonas also commented saying, “The growing mental health crisis demands bold, science-driven innovation. I am excited to support the Compass team in its mission to transform mental health care through the development of a paradigm-changing treatment”.

#2: Clearmind Medicine

Clearmind Medicine Inc. (NASDAQ: CMND) announced the completion of treatment for the last patient in the first cohort of its Phase I/IIa clinical trial evaluating CMND-100, an MEAI-based oral drug candidate for Alcohol Use Disorder (AUD). The study, which is approved by the U.S. Food and Drug Administration (FDA), marked a major milestone in the company’s mission to develop new psychedelic-derived treatments for addiction.

According to Clearmind, six patients have now been enrolled and treated: two at Johns Hopkins University School of Medicine and four at Yale School of Medicine’s Department of Psychiatry. Both institutions, which are recognized leaders in neuropsychiatric and addiction research, are partnering with Clearmind in this study.

The multinational study is designed to assess the safety, tolerability, and pharmacokinetics of CMND-100, while also exploring its potential to reduce alcohol cravings and consumption. According to the company, participants include both heavy drinkers and individuals diagnosed with AUD who wish to reduce or stop drinking.

Dr. Adi Zuloff-Shani, Chief Executive Officer of Clearmind Medicine, said, “We were pleasantly surprised by the enrollment path so far. Reaching this milestone—treating the last patient in the first cohort of our FDA-approved Phase I/IIa trial for CMND-100—marks a pivotal step forward in advancing our mission to transform the treatment landscape for Alcohol Use Disorder.”

She added, “With six patients successfully dosed at world-renowned centers like Johns Hopkins and Yale, we’re encouraged by the early progress in evaluating the safety, tolerability, and potential efficacy of this novel MEAI-based therapy. As we analyze the data ahead, our commitment remains steadfast: to deliver innovative, psychedelic-derived solutions that empower individuals to overcome addiction and reclaim their lives.”

Clearmind’s CMND-100 program targets a global market for alcohol-dependency treatments, which is projected to surpass $20 billion by 2032.

#3: MIRA Pharmaceuticals

MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) announced it had begun the multiple ascending dose (MAD) phase of its ongoing Phase 1 clinical trial evaluating Ketamir-2, its lead oral candidate, in healthy volunteers. The company also confirmed that chemotherapy-induced peripheral neuropathy (CIPN) will be the lead indication for its upcoming Phase 2a study.

The MAD phase followed the successful completion of the single ascending dose (SAD) stage, where no serious or dose-limiting adverse events were observed. “To date, no clinically significant safety concerns have been reported,” the company said. The ongoing double-blind, placebo-controlled study is assessing the safety, tolerability, and pharmacokinetics of Ketamir-2 across single and multiple oral doses, with three cohorts now receiving repeat daily dosing.

Ketamir-2 has shown strong preclinical performance in animal models of neuropathic pain, including outperforming ketamine, gabapentin, and pregabalin in chemotherapy-related nerve pain studies. In the paclitaxel-induced neuropathy model, the compound nearly normalized pain sensitivity, demonstrating potential as a non-opioid alternative in a market where no FDA-approved treatments currently exist.

Erez Aminov, Chief Executive Officer of MIRA, said, “We view Ketamir-2 not only as a promising clinical asset but as a potential value-creating platform for MIRA and our shareholders. Our preclinical and clinical findings suggest that Ketamir-2 could represent a differentiated, non-opioid approach in a multi-billion-dollar pain market where effective therapies simply don’t exist.”

Dr. Itzchak Angel, MIRA’s Chief Scientific Advisor, added, “The combination of clean pharmacology, good oral bioavailability, and robust preclinical efficacy sets Ketamir-2 apart from existing therapies. We look forward to completing the ongoing Phase 1 study and advancing its Phase 2a clinical evaluation in neuropathic pain.”

Designed as a novel oral analog of ketamine, Ketamir-2 aims to deliver pain relief without the hallucinogenic or dissociative effects of ketamine infusions. As MIRA advances its clinical program, the company believes Ketamir-2 could qualify for FDA Fast Track designation, offering a new hope for patients suffering from chemotherapy-induced neuropathic pain.