Key Takeaways; Cannabis Sector

• Curaleaf Plans to Move into Virginia with $110 Million Acquisition of Competitor’s Assets
• Aurora Expanded Australian Footprint Through a New Distribution Deal
• MediPharm Labs Entered French Market with First Cannabis Shipment
• High Tide Launched First European Canna Cabana in Berlin

Key Takeaways; Psychedelic Sector

• NRx Pharmaceuticals Advanced Preservative-Free Ketamine and Expanded NRX-101 Program
• Clearmind Marked New Milestone as CMND-100 Dosing Began at Hadassah Medical Center

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: Curaleaf

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) is set to enter Virginia’s cannabis market through an $110 million agreement to acquire The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQB: CBSTF) fully integrated operations in the state, a move that positions the multistate operator for dominance ahead of the Virginia’s anticipated launch of adult-use cannabis sales in late 2026.

Under the agreement, which was announced by both companies, Curaleaf will take ownership of Green Leaf Medical of Virginia, the legal entity that holds The Cannabist’s regional license, which is one of only five vertically integrated medical cannabis licenses in the state. The deal also includes five operating dispensaries, the right to open a sixth, and an 82,000-square-foot cultivation and production facility near Richmond.

“We see Virginia as one of the most promising emerging markets in the country,” Curaleaf said in its announcement. The company emphasized that the assets are “fully operational and ready for scale,” adding that the agreement “positions Curaleaf for long-term growth as the state transitions to adult-use.”

The transaction’s structure includes both immediate investment and deferred risk-sharing. According to the agreement, Curaleaf will pay $80 million in cash at closing, another $20 million within 30 days, and issue a $10 million promissory note carrying 6% annual interest. Additionally, the deal is subject to a 15-business-day go-shop period ending December 22, 2025, during which The Cannabist may solicit higher offers. If a competing bid succeeds, or if noteholders fail to approve the sale, Curaleaf will receive a $3.3 million break-up fee plus expense reimbursement of up to $350,000.

The Cannabist Company, formerly known as Columbia Care, framed the sale as part of a broader strategic review launched amid financial pressures and industry-wide uncertainty. “This transaction represents a significant step in strengthening our balance sheet,” the company said, noting that proceeds will support debt reduction, including obligations tied to its 2028 secured notes. The Cannabist has recently shed several assets, including sale of its dispensaries in Pennsylvania, as it reevaluates core markets.

If regulatory approvals and noteholder consent are secured, the companies expect the deal to close in the first quarter of 2026.

#2: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) strengthened its position in Australia’s fast-growing medical cannabis market through a new distribution partnership between its subsidiary MedReleaf Australia and Leafio, the wholesale arm of Montu Australia, which is a health tech company focused on simplifying access to medical cannabis therapies. The agreement, which was announced on December 2, aims to broaden national access to Aurora’s TGA-GMP certified products and deepen clinician education across the country.

Aurora said the collaboration will allow Leafio to distribute its medical cannabis products, through a supply chain serving more than 4,000 pharmacies. “We are excited to join forces with Leafio to improve access to consistent, high-quality medical cannabis for Australian patients,” said Stanley Sack, Interim Managing Director of MedReleaf Australia. He added that Leafio’s sector expertise makes the companies “ideal partners” as Aurora continues to expand its leadership in the region.

Leafio echoed the sentiment, emphasizing the broader industry impact. “Together, Leafio and Aurora can reach more Australian patients through trusted medical channels,” said General Manager of Leafio, Nicole Le Maistre. She noted that the partnership will support research, innovation, clinician education, and ultimately “improved patient outcomes.”

Australia remains a major growth market for Canadian producers. Cannabis imports in the country surged from about 45,000 kg in 2023 to more than 77,000 kg in 2024, with Canada supplying 80% of the total.

Aurora, which acquired MedReleaf Australia in 2024, views Australia as a key medical market, and it has been expanding distribution partnerships in the country, including another distribution agreement with The Entourage Effect, which was announced last year. Aurora is betting that these partnerships will help solidify both its distribution power and its influence on Australia’s evolving medical cannabis landscape.

#3: MediPharm Labs

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) officially completed its first shipment of pharmaceutical-grade cannabis products to France, marking a significant step in the company’s European expansion strategy. According to the company, the delivery followed a production agreement with an international medicinal cannabis partner and signaled MediPharm’s entry into what the company’s CEO, David Pidduck, called “one of Europe’s most promising emerging medical cannabis markets.”

“This achievement underscores our ability to establish new pathways to market and deliver pharmaceutical-grade products that meet stringent European standards,” Pidduck said, emphasizing that the shipment validates the company’s regulatory readiness and manufacturing capabilities.

The French medical cannabis market is undergoing a transition from its pilot program, which ended in late 2024, toward a permanent regulatory framework. During the transition period, which is running until March 31, 2026, France is maintaining access for existing patients but is not enrolling new ones. Under current rules, only vaporized dried flower and ingestible oils or tablets are permitted, with smoking strictly excluded.

Market forecasts predict steady growth, rising from roughly US$187.6 million in 2025 to more than US$213 million by 2030, a momentum that MediPharm aims to capitalize on through its precision-based cannabinoid products designed for medical use.

This France shipment builds on the company’s strong international performance. MediPharm’s global medical revenue rose 83% year-over-year to $6.4 million in Q3 2025 financial results, driven largely by expanding flower sales in Australia and Germany. International sales accounted for 56% of total revenue, reflecting a strategy centered on cross-border pharmaceutical partnerships and regulatory-compliant production. MediPharm now ships to ten countries and anticipates first shipments to Brazil in Q4 2025.

#4: High Tide

High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) opened its first European Canna Cabana store in Berlin, officially marking the retail brand’s entrance into the German and broader European markets. Located on Alte Schönhauser Strasse in Berlin-Mitte, the new shop focuses on cannabis accessories and lifestyle products and serves as a flagship for the company’s European retail strategy.

High Tide CEO, Raj Grover, said the Berlin launch was a significant milestone for the company, calling it “the first step in unlocking the global opportunity for Canna Cabana.” He emphasized Germany’s importance as Europe’s dominant cannabis market, noting that “imports have already surpassed a record 143 tonnes in the first three quarters of 2025.” Grover added that rising cannabis use will continue to drive demand for premium accessories, positioning Canna Cabana “well ahead of the curve.”

The store opening follows High Tide’s acquisition of Remexian Pharma GmbH, a licensed German importer and distributor of medical cannabis. The move strengthened the company’s foothold in both retail and medical channels, aligning its brick-and-mortar operations, e-commerce platforms, and distribution capabilities across Europe.

Grover said the company is preparing for long-term regulatory change in Germany. “As the country moves toward broader liberalization, Canna Cabana will have a meaningful head start,” he explained. “It’s the same playbook we used in Canada—build a loyal accessories customer base, then transition smoothly into cannabis retail when regulation allows.”

High Tide is now the first publicly traded North American cannabis operator to establish a brick-and-mortar presence in Europe’s largest cannabis market. Its retail arm, Canna Cabana, is already the largest cannabis retailer in Canada with 215 domestic stores and a 12% market share, which is supported by the company’s diverse global e-commerce platforms.

Top Psychedelic Companies for Week

#1: NRx Pharmaceuticals

NRx Pharmaceuticals, Inc. (NASDAQ: NRXP) announced it had received confirmation from the U.S. Food and Drug Administration (FDA) that its Abbreviated New Drug Application for KETAFREE, a preservative-free intravenous ketamine formulation, had been accepted for review. According to the company, the FDA deemed the submission “substantially complete” and assigned a target review date of July 29, 2026, marking a major step toward potential U.S. market approval.

NRx CEO, Jonathan Javitt, said the company is encouraged by the FDA’s response. “We appreciate FDA’s careful review and are pleased that it has received our application for KETAFREE,” he stated. He emphasized the need for a preservative-free formulation, noting that current ketamine products “contain Benzethonium Chloride, a preservative not recognized as safe by FDA and banned from hand cleansers and topical antiseptics.” NRx has already manufactured registration lots and says it is prepared to scale production to one million vials per month.

Alongside progress on KETAFREE, NRx also announced this week that it is expanding development of its Breakthrough Therapy-designated NRX-101, which is a combination of D-cycloserine and lurasidone. The company stated that it had amended its Investigational New Drug application to include using NRX-101 alongside Transcranial Magnetic Stimulation (TMS) for treating depression, including suicidal depression.

According to the company, recent clinical findings suggest that low-dose D-cycloserine may significantly enhance TMS outcomes. As a result, the company reported that it is in discussions with TMS device manufacturers to launch a joint registration trial, which could ultimately expand FDA labeling for approved TMS devices.

With the KETAFREE review underway and the NRX-101 development program accelerating, NRx says it is positioning itself at the forefront of next-generation treatments for depression and suicidal ideation.

#2: Clearmind Medicine

Clearmind Medicine Inc. (NASDAQ: CMND) announced it had advanced its Phase I/IIa clinical trial for Alcohol Use Disorder (AUD) with the first patient now enrolled and dosed with CMND-100 at Hadassah–University Medical Center in Jerusalem. According to Clearmind, the dose initiation represents a significant expansion of the company’s multinational study, which is evaluating the safety, tolerability, pharmacokinetics, and early efficacy of its MEAI-based oral drug candidate.

The Hadassah trial site is led by Prof. Joseph Caraco, Director of the Clinical Pharmacology Unit in the Department of Medicine. The addition of this site follows encouraging top-line results from the trial’s first cohort, alongside a unanimous recommendation from the Data and Safety Monitoring Board to continue the study without modification.

Clearmind CEO, Dr. Adi Zuloff-Shani, called the milestone a major step in the company’s global development plan. “We believe that dosing the first participant with CMND-100 at Hadassah Medical Center marks yet another significant step forward in expanding our global trial footprint and accelerating our path to potentially delivering innovative treatments for AUD,” she said. She added that the clinical center’s research expertise, combined with the early safety and performance data, “brings us closer to potentially transforming the lives of millions affected by alcohol use disorder.”

Clearmind, which is headquartered in Vancouver, is developing psychedelic-derived therapeutics aimed at underserved health conditions, with AUD as its lead indication. The company holds a growing intellectual property portfolio of 19 patent families and 31 granted patents and plans for continued expansion as development progresses.