Key Takeaways; Cannabis Sector
- Canopy Growth Broadened Australian Medical Lineup with New Spectrum Softgels
- Decibel Cannabis Saw Strong Revenue Growth in Q3 2025 Despite Posting Higher Losses
- Avicanna Announced Promising Preclinical Data for New Oral Cannabinoid Delivery Platform
- SNDL Announced Renewal to Buy Back Up to C$100 Million in Shares Under New Repurchase Program
Key Takeaways; Psychedelic Sector
- Clearmind’s Early AUD Trial Data Showed Strong Safety and High Adherence
- Psyence Biomedical Secured Ethical, Pharmaceutical-Grade Ibogaine Supply for Global Clinical Use
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: Canopy Growth
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) expanded its Spectrum Therapeutics portfolio in Australia, introducing a new lineup of softgel capsules designed to give medical cannabis patients more convenient dosing options.
According to the company, the additions include Spectrum Yellow (CBD 20mg), Spectrum Red (THC 10mg), and Spectrum Blue (a balanced 2.5mg THC and 3.75mg CBD formula). The company stated that these softgels will complement Spectrum Therapeutics’ existing oils and flower, as well as flower products from Tweed, 7ACRES, and TWD, which are already available to Australian patients.
Canopy Growth CEO Luc Mongeau said the expansion reflects the company’s long-term commitment to strengthening its medical offerings in key international markets. “Expanding our portfolio in established markets like Australia is a key driver of our global medical strategy,” he explained. “Softgels deepen our offering and reinforce our commitment to meeting the needs of patients in this important international market.”
Moreover, the company said patient demand in Australia continues to shift toward format variety and ease of use. Andrew Bevan, SVP of Global Medical, noted that prescribers increasingly want accessible, standardized products. “Patients continue to ask for a variety of formats that deliver both quality and convenience,” he said. “Adding softgels to the Spectrum Therapeutics portfolio gives prescribers and patients more choice while supporting the continued growth of our international business.”
The new softgels are now available in Australia through authorized medical prescribers, marking another step in Canopy Growth’s ongoing global medical cannabis strategy.
#2: Decibel Cannabis
Canadian cannabis company Decibel Cannabis Company Inc. (TSXV: DB) (OTC: DBCCF) reported another quarter of rising revenue in third quarter 2025 financial results, driven largely by its growing international footprint and the integration of AgMedica Bioscience Inc..
The company posted $47.4 million in gross revenue for the three months ending September 30, a 28% increase year-over-year, while net revenue rose 37% to $32.9 million. However, losses widened to $1.3 million, up from $585,000 a year earlier.
International sales surged to $8.4 million, a staggering 2,621% jump; According to the company, this gain was almost entirely due to contributions from AgMedica, which Decibel acquired in late 2024. AgMedica’s sales accounted for $7.8 million in the quarter, all from overseas markets.
Decibel CEO, Benjamin Sze, said the results highlighted the company’s momentum, stating, “Our results this quarter build on the continued momentum in 2025, proving that Decibel’s strategy is working. International demand continues to outpace supply, our partnerships are expanding, and our domestic business has never been stronger.”
Domestic performance also improved, though at a slower pace. Net Canadian recreational sales reached $24.5 million, up 3% year-over-year, which the company stated that was supported by new marketing efforts and the launch of higher-potency vapes, and expanded product formats. Gross Canadian recreational sales grew 6.5% to $39 million.
Despite revenue gains, margins tightened in Q3. Gross margin before fair value adjustments fell to 47% from 53% last year, which the company attributed to higher testing costs and the product mix required for international markets. Adjusted EBITDA climbed 40% to $7.3 million, while adjusted net income rose to $3.8 million.
Decibel said its updated infrastructure, which now includes an EU-GMP-certified facility that was added following the acquisition of AgMedica, continues to support global expansion. The company now exports to seven countries, offering dried flower, oils, extracts, and vape products. “With premium products gaining traction globally and our execution capabilities proven, we believe Decibel is only at the beginning of its growth trajectory,” Sze said.
Looking ahead, Decibel trimmed its 2025 guidance due to temporary disruptions, including a German import approval pause and a strike that halted British Columbia distribution warehouse deliveries. It now expects approximately $115 million in net revenue and $24 million in adjusted EBITDA for the year.
#3: Avicanna
Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) announced encouraging preclinical results for its new Powder Drug Delivery System, PwdRx, which is designed to significantly improve the absorption and consistency of orally delivered cannabinoids. Alongside the data, the company confirmed it had filed a provisional patent application with the U.S. Patent and Trademark Office covering the platform’s composition, utility, and potential therapeutic applications.
According to Avicanna, the PwdRx system aims to solve well-known challenges with cannabinoids such as CBD, CBG, THC, and CBN, which are typically difficult to absorb due to their poor water solubility. In pharmacokinetic studies, Avicanna reported that PwdRx delivered 74% higher bioavailability, achieved peak plasma levels 63% faster, and reached a 134% higher peak concentration compared to standard medium-chain triglyceride (MCT) oil formulations. The company said these findings show “significantly higher and faster absorption” than conventional oral formats.
Dr. Karolina Urban, EVP, Medical and Scientific Affairs of Avicanna, said the platform may give physicians new flexibility in designing cannabinoid-based treatment strategies. “By improving dispersion, solubility and consistency of uptake, the PwdRx platform has the potential to enable health care providers greater flexibility to tailor potential treatment options for patients managing conditions associated with pain and inflammation,” she explained.
Furthermore, Avicanna noted that the technology is suitable for scalable pharmaceutical manufacturing across formats including tablets, capsules, sachets, and pouches. It also allows for adjustable drug-release profiles, which the company believes will support differentiated therapies for chronic conditions such as rheumatoid arthritis, osteoarthritis, neuropathic pain, fibromyalgia, migraines, and multiple sclerosis.
Avicanna CEO, Aras Azadian, also commented saying the platform represents a significant leap in cannabinoid science. “The advancement of our PwdRx platform represents another significant step forward in the science and technology of cannabinoid delivery,” he said. “We believe this novel technology will unlock potential new and different pharmaceutical and commercial product opportunities.”
The company plans to integrate PwdRx technology into its pharmaceutical pipeline as it expands its portfolio of cannabinoid-based therapeutics.
#4: SNDL
Canadian-based SNDL Inc. (NASDAQ: SNDL), which is one of Canada’s largest vertically integrated cannabis companies, announced it had received approval from the Canadian Securities Exchange to renew its share repurchase program, allowing the company to buy back up to C$100 million worth of its common shares over the next year. According to the SNDL, the program gives the company the flexibility to repurchase shares at market prices through various methods, including open-market purchases, private deals, block trades, derivatives, or other structured buyback arrangements.
Additionally, the company stated that management will decide when and how many shares to repurchase based on market conditions and capital allocation priorities. “The manner, timing, pricing and amount of any transactions will be subject to the discretion of SNDL,” the company stated, noting that opportunities for investment or alternative uses of capital will also guide decisions.
Although the program authorizes up to C$100 million in buybacks, SNDL is limited to repurchasing approximately 24.5 million shares, equal to 10% of its public float, under securities regulations. The renewed program began on November 21, 2025, and will run until November 20, 2026. SNDL emphasized that the company is not obligated to buy any minimum number of shares and can suspend or end the program at any time.
All repurchased shares will be cancelled, reducing the number of shares outstanding. The company also noted that its previous buyback program, which ran from November 2024 to November 2025, resulted in the repurchase of more than 9.47 million shares.
Top Psychedelic Companies for Week
#1: Clearmind Medicine
Clearmind Medicine Inc. (NASDAQ: CMND) reported encouraging early results from the first cohort of its Phase I/IIa clinical trial evaluating CMND-100, which is a proprietary, non-hallucinogenic MEAI-based oral drug candidate aimed at treating Alcohol Use Disorder (AUD). According to the company, the initial dataset points to a favorable safety profile with no serious adverse events, and participants generally tolerated the treatment well.
According to the company, the cohort also demonstrated high adherence to dosing and trial procedures, an early signal that the therapy may be both feasible to administer and acceptable to patients struggling with heavy drinking or AUD. Clearmind said these top-line findings support continued exploration of CMND-100 as a potential new treatment option in a field where effective therapies remain limited.
“We are thrilled with these initial top-line results from the first cohort, which indicate an encouraging safety profile and excellent treatment observance of CMND-100,” CEO of Clearmind Medicine, Dr. Adi Zuloff-Shani, said. She added that completing dosing at leading academic centers such as Johns Hopkins and Yale “provides strong momentum” as the company moves toward full data readouts and subsequent cohorts. “Our goal remains to pioneer neuroplastogen-derived therapies that offer real hope to those battling addiction,” she said.
The first cohort included six patients treated under an FDA-approved protocol at Johns Hopkins University School of Medicine and Yale School of Medicine’s Department of Psychiatry. The multinational trial is designed to evaluate safety, tolerability, pharmacokinetics, and preliminary efficacy across single- and multiple-dose regimens.
In a separate development, the company announced on Monday that it had filed a new Israeli patent application for a combination therapy involving MEAI and N-Acylethanolamines, such as Palmitoylethanolamide, which targets depression. The application stems from Clearmind’s collaboration with Neurothera Labs Inc. (TSXV: NTLX), which is a subsidiary of SciSparc Ltd. (NASDAQ: SPRC).
#2: Psyence Biomedical
Psyence Biomedical Ltd. (NASDAQ: PBM) announced it had reached what it called a “major breakthrough” in securing a sustainable, pharmaceutical-grade supply of ibogaine, which the company views as a critical step as it moves toward clinical development for substance use disorders. The company confirmed it had obtained high-potency iboga bark through its strategic partner PsyLabs, which is a group with long-standing expertise in the iboga trade and treatment sector.
According to Psyence BioMed, the first 50 kilograms of raw material have already been delivered and are now being processed into GMP-compliant ibogaine hydrochloride, which is the purified form used for precise clinical dosing, and into Total Alkaloid Extracts that preserve the plant’s full spectrum of natural compounds. The company stated that these products will be supplied to legal research programs and therapeutic settings as international demand for ibogaine research accelerates.
“A reliable, ethically sourced supply of ibogaine is critical to our development pipeline,” said CEO of Psyence BioMed, Jody Aufrichtig. He added that the achievement “positions Psyence BioMed as a global leader in the emerging ibogaine sector” and strengthens the company’s ability to advance evidence-based psychedelic therapies.
Additionally, Psyence BioMed emphasized that the supply chain prioritizes sustainability, fair benefit-sharing with originating communities, and respect for cultural traditions tied to Tabernanthe iboga and Voacanga africana. The company said these principles will support long-term resource viability as ibogaine development expands.
PsyLabs CEO, Tony Budden, also highlighted the ethical focus of the partnership, stating, “From soil to science, we will continue to ensure our ibogaine is not only the purest on the market, but the most ethically sourced. We’re building a new standard for what ethical psychedelic production can look like—where traditional knowledge holders are partners, not just suppliers.”
The collaboration now places both Psyence BioMed and PsyLabs at the forefront of evolving global efforts to develop ibogaine-based treatments for addiction and other urgent mental health challenges.