Key Takeaways; Cannabis Sector

• Cresco Labs Reported Q4 Revenue Growth Momentum as Margins Improved
• Tilray Expanded Beverage Push With $60 Million BrewDog Asset Acquisition

Key Takeaways; Psychedelic Sector

• Helus Pharma Reported Promising Phase 2 Results for Anxiety Treatment
• GH Research Highlighted Strong 2025 Progress as It Prepares to Advance Its Depression Therapy Program
• AtaiBeckley is Advancing Psychedelic Therapy Pipeline as Phase 3 Depression Trial Nears

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: Cresco Labs

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) reported a narrower quarterly loss and slightly better-than-expected revenue for the fourth quarter of 2025, while highlighting improved margins and cash generation as the cannabis company positions itself for what it called “industry consolidation”.

The Chicago-based cannabis operator posted an adjusted loss of $0.02 per share, matching analyst estimates but slightly wider than the $0.01 loss recorded a year earlier. Revenue for the quarter reached $161.6 million, edging past expectations and coming in just below the $175.9 million generated in the same period of 2024.

“In Q4, we strengthened our financial foundation while expanding margins and generating meaningful cashflow,” management said in its results statement. “Our focused strategy continues to enhance our competitive position.”

For the full year, Cresco reported revenue of $656 million, with operating cash flow of $73 million and free cash flow of $38 million. Adjusted EBITDA for 2025 totaled $157 million, representing a 24% margin, while adjusted gross margin exceeded 50%.

However, the company still recorded a net loss of $140 million for the year, which the company largely attributed to $105 million in one-time, non-cash impairment charges, including write-downs tied to its New York operations and fair-value adjustments related to California assets.

Furthermore, management said the broader cannabis market is undergoing rapid consolidation and believes Cresco is well positioned to benefit from the shift.

“The cannabis industry is consolidating in real time, and Cresco Labs is operating from a position of strength,” the company said. “With leading brand share, differentiated retail execution and embedded operating leverage, Cresco Labs is positioned to capitalize on industry consolidation and federal reform to create long-term value for shareholders.”

As of the end of 2025, Cresco held $91 million in cash and equivalents and reported $311 million in senior secured term loan debt.

While the company beat revenue expectations for the quarter, its shares have fallen more than 20% since the start of the year, underperforming the broader market and reflecting investor caution toward the cannabis sector’s near-term outlook.

#2: Tilray

Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY) deepened its expansion into the global beverage market after acquiring key assets of craft beer maker BrewDog for £33 million, (CAD $60.4 million) marking another step in the company’s strategic pivot beyond cannabis.

The transaction included BrewDog’s global brand and intellectual property, UK brewing operations, and 11 brewpubs across the United Kingdom and Ireland. Tilray said it is also negotiating separately to acquire BrewDog’s assets in the United States and Australia.

The company expects the acquired operations to generate around $200 million in annual net revenue and between $6 million and $8 million in adjusted EBITDA by fiscal 2027, as integration efforts and operational efficiencies take effect.

Tilray Chief Executive Officer Irwin D. Simon said the acquisition aligns with the company’s plan to build a large global beverage platform. “BrewDog is one of the most iconic, mission-driven craft beer brands in the UK,” Simon said. “As we begin a new chapter for this great brand, our priority is to refocus BrewDog on the craft beer excellence that made it beloved in the first place and strategically invest to return the operations to profitable growth.”

The purchase is part of a broader diversification strategy that Tilray began after delays in U.S. cannabis legalization slowed growth in the sector. Over the past several years, the company has acquired multiple craft beer brands, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company and Green Flash Brewing Company.

Following the BrewDog acquisition, Tilray expects its global beverage platform to generate roughly $500 million in annual revenue, contributing to an estimated $1.2 billion in total annualized revenue across its diversified operations.

Simon added that Tilray intends to use its global infrastructure to expand distribution and strengthen the BrewDog brand internationally. “Through this expanded platform, we see significant growth opportunity for BrewDog through broader distribution and the ability to invest back into brand and innovation, while introducing Tilray’s complementary beverage brands into international markets,” he said.

The deal also comes at a challenging time for BrewDog, which has faced mounting losses and plans to close dozens of bars not included in the acquisition. Tilray said its strategy is to streamline operations and return the brand to profitability over the next several years.

Top Psychedelic Companies for Week

#1: Helus Pharma

HELUS Pharma (NASDAQ: HELP) (Cboe CA: HELP), the commercial operating name of Cybin Inc., reported encouraging topline results from a Phase 2 clinical study evaluating its investigational therapy HLP004 for adults with moderate-to-severe Generalized Anxiety Disorder who remain symptomatic despite standard antidepressant treatment.

According to the company, the signal-detection study enrolled 36 patients already receiving standard-of-care medications, including selective serotonin reuptake inhibitors. Participants were randomized in a 2-to-1 ratio to receive either 20 mg or 2 mg doses of HLP004, administered intramuscularly twice over three weeks, and were monitored through week 12 with additional follow-up extending up to one year.

Results showed statistically significant and clinically meaningful improvements in anxiety symptoms. Patients receiving the 20 mg dose alongside standard therapy recorded an average 10.4-point reduction on the Hamilton Anxiety Rating Scale (HAM-A) after six weeks.

Helus Pharma also reported that the treatment demonstrated sustained benefits over time. At the six-month follow-up, 67% of patients were classified as responders, while 39% achieved remission, according to the company.

Moreover, participants in the higher-dose group showed particularly strong outcomes, with 59% meeting response criteria and 32% reaching remission in week six. Even the lower-dose group recorded a 30% response and remission rate, suggesting potential clinical benefit across dosing levels.

Michael Cola, Chief Executive Officer of Helus Pharma, said the results highlight the unmet need in anxiety treatment. “Patients living with generalized anxiety disorder remain significantly underserved, with many continuing to struggle despite currently available treatments,” he said. “We are encouraged by these data and the potential for HLP004 to bring hope to GAD patients.”

The study also indicated that the therapy could be compatible with existing psychiatric treatment settings. Acute drug effects lasted about 90 minutes, and most participants were ready for discharge within approximately three hours, suggesting a relatively short in-clinic treatment experience.

Importantly, the investigational therapy demonstrated a favorable safety profile, with no drug-related serious adverse events or suicidality-related safety signals reported during the trial.

Andrew Cutler, Clinical Professor of Psychiatry at SUNY Upstate Medical University and senior advisor to Helus Pharma, said the findings support continued development of the therapy. “I am encouraged by the magnitude of improvement observed over standard-of-care treatments, together with the rapid onset and short treatment experience for this patient population with limited options,” he said.

Helus Pharma also reported that it is also advancing other programs targeting mental health conditions. The company plans to release data later in 2026 for HLP003, a treatment candidate for Major Depressive Disorder currently in Phase 3 development.

#2: GH Research

GH Research PLC (NASDAQ: GHRS) reported its full-year 2025 financial results this week while highlighting major clinical progress for its lead treatment candidate GH001, which is a potential therapy for Treatment‑Resistant Depression (TRD).

The Dublin-based clinical-stage biotech said it completed a Phase 2b trial of GH001 in 2025, presenting the full dataset at the meetings of the American Society of Clinical Psychopharmacology and the European College of Neuropsychopharmacology. The company said it is now seeking alignment with the U.S. Food and Drug Administration on the design of a global Phase 3 trial expected to begin in 2026.

According to the company, the Phase 2b study met its primary endpoint, showing a placebo-adjusted reduction of 15.5 points on the Montgomery-Åsberg Depression Rating Scale after eight days. In the double-blind phase of the trial, 57.5% of patients treated with GH001 achieved remission, compared with none in the placebo group.

Furthermore, GH Research stated that follow-up data suggested durable benefits. According to the company, in an open-label extension, 73% of participants remained in remission after six months, with relatively infrequent retreatment visits and no mandatory psychotherapy. The trial also reported no treatment-related serious adverse events or suicidal behavior.

Velichka Valcheva, Chief Executive Officer of GH Research, said the findings reinforce the therapy’s potential. “Our Phase 2b results reinforce our conviction that GH001 has the potential to be a practice-changing therapy for patients with TRD,” she said. “We look forward to aligning with the FDA on our global Phase 3 program and advancing this innovative program with initiation targeted for 2026.”

Alongside its clinical progress, the company announced it is testing a proprietary aerosol delivery device intended for use in future pivotal trials, including its planned Phase 3 program. The therapy is designed to be delivered through an inhalation approach.

Financially, GH Research ended 2025 with $280.7 million in cash, cash equivalents, and marketable securities, up from $182.6 million a year earlier. The company reported a net loss of $48.3 million for the year, compared with a loss of $39 million in 2024, as spending on research and development increased.

#3: AtaiBeckley

AtaiBeckley Inc. (NASDAQ: ATAI) announced significant regulatory and clinical progress this week as it prepares to launch a pivotal Phase 3 program for its lead depression therapy while reporting fourth quarter and full-year 2025 financial results.

On Tuesday, March 3, the clinical-stage biotech confirmed that its investigational treatment BPL-003, an intranasal formulation of mebufotenin benzoate for Treatment-Resistant Depression, had successfully completed an End-of-Phase 2 meeting with the U.S. Food and Drug Administration. According to the company, the regulator indicated support for its proposed Phase 3 development plan, paving the way for the program to begin in the second quarter of 2026.

Additionally, AtaiBeckley highlighted that the Phase 3 strategy will include two pivotal trials, known as ReConnection-1 and ReConnection-2, which will run in parallel. The studies will test different dosing approaches of BPL-003 in hundreds of patients and will include a 12-week placebo-controlled study followed by a 52-week open-label extension to evaluate long-term safety and durability.

Srinivas Rao, co-founder and chief executive officer of AtaiBeckley, said the regulatory feedback represents a major step forward for the program. “Receiving clear guidance from the FDA at this stage is a major milestone for AtaiBeckley and for the BPL-003 program,” he said. “This feedback builds on our compelling Phase 2b data and firmly positions us to advance a robust Phase 3 clinical program.”

The company believes its therapy could offer a rapid and convenient treatment model for patients with limited options. According to Kevin Craig, chief medical officer at AtaiBeckley, the therapy is designed to fit existing psychiatric care settings. “If approved, BPL-003 could fit seamlessly within interventional psychiatry workflows while offering a short in-clinic experience and only a handful of treatments per year,” he said.

Beyond BPL-003, AtaiBeckley also highlighted progress across its broader mental health pipeline. Its VLS-01 therapy, which is a buccal film formulation of DMT also targeting treatment-resistant depression, is currently being studied in the Phase 2 Elumina trial, with topline data expected in the second half of 2026.

The company also reported encouraging early findings from a Phase 2a trial of EMP-01, an oral formulation of R-MDMA for Social Anxiety Disorder. According to the company, the study met its primary safety objective and showed meaningful improvements in anxiety symptoms after two administrations without additional psychotherapy.

Rao said the company has entered a “pivotal execution phase” following the strategic combination of atai Life Sciences and Beckley Psytech, which created AtaiBeckley in late 2025. “With multiple clinical catalysts ahead and capital expected to fund operations into 2029, we believe AtaiBeckley is well positioned to advance a differentiated portfolio of rapid-acting mental health therapies,” he said.

Financially, AtaiBeckley ended 2025 with $220.7 million in cash, cash equivalents and short-term securities, significantly higher than the previous year following equity financings tied to the company’s merger and restructuring. The company expects its current resources to fund operations through the planned Phase 3 readouts expected in 2029.