Key Takeaways; Cannabis Sector

• Jushi Holdings Secured $160M High-Interest Loan to Restructure Debt and Boost Liquidity
• Auxly Cannabis Build Momentum with Strong 2025 Growth and Strategic Investment Plans
• Canopy Growth Ushered in New Leadership Era at Storz & Bickel

Key Takeaways; Psychedelic Sector

• AtaiBeckley Gained Momentum with Major Index Inclusions
• Compass Pathways is Advancing Psychedelic Therapy Push Despite Wider Losses in Fourth Quarter

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: Jushi Holdings

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) moved to strengthen its financial position by refinancing its existing debt with a $160 million senior secured term loan, signaling a decisive step to improve liquidity while avoiding shareholder dilution.

The new financing, which was arranged with funds managed by FocusGrowth Asset Management, carries a 12.5% annual interest rate and a three-year maturity. Issued at a slight discount, the loan replaced both Jushi’s previous first- and second-lien credit facilities, consolidating its debt structure under a single agreement.

Additionally, the deal injected fresh capital into the business. Following the refinancing, Jushi reported approximately $35 million in cash and equivalents, providing additional flexibility as it navigates a competitive and capital-intensive cannabis market.

The company emphasized that the financing is non-dilutive, meaning existing shareholders retain their ownership stakes. However, the relatively high interest rate reflects the cost of borrowing in a challenging environment for cannabis operators, where access to capital often comes at a premium.

Senior leadership also played a direct role in the transaction. CEO James Cacioppo participated through an affiliated entity with roughly $28 million in the loan, while major shareholder Denis Arsenault contributed about $21 million. The company classified their involvement as a related-party transaction, which was reviewed and approved by an independent board committee, with Cacioppo abstaining from the final vote.

This refinancing comes just days before Jushi is set to report its fourth-quarter and full-year 2025 financial results on Tuesday, March 31, where investors will be watching closely for signs of operational progress and balance sheet stability.

#2: Auxly Cannabis

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) delivered a year of significant financial progress in 2025, combining solid revenue growth with improved profitability, while setting the stage for further expansion through disciplined investment and strategic opportunities.

In the fourth quarter and full year 2025 financial results, the company reported net revenue of $151.5 million for the full year, marking a 24% increase compared to 2024. According to the company, this growth was driven by higher sales volumes and stronger pricing across key product categories such as dried flowers, pre-rolls, and vapes. Gross margins also improved notably, reflecting operational efficiencies and better production performance. Net income reached $41.9 million, a sharp turnaround from the previous year’s loss, highlighting a strengthened financial position.

In the fourth quarter, Auxly generated $40.1 million in net revenue, up 16% year-over-year. However, quarterly net income declined to $943,000, largely due to inventory-related fair value adjustments. Despite this, the company maintained healthy operating metrics, including a 31% adjusted EBITDA margin, highlighting the resilience of its core business.

CEO of Auxly, Hugo Alves, emphasized the company’s progress, stating, “Q4 2025 was a strong finish to a milestone year for Auxly. We scaled our business while expanding profitability, supported by strong margins and disciplined execution,” he added that the company’s flagship brand, Back Forty, maintained its position as Canada’s top cannabis brand by sales, reflecting the strength of Auxly’s product portfolio and nationwide distribution.

Auxly’s balance sheet also improved over the year, ending 2025 with $32.3 million in cash and reduced debt levels. This financial stability is enabling the company to reinvest in its operations. It plans to allocate between $10 million and $12 million toward capital projects in 2026, primarily focused on enhancing capacity and efficiency at its Leamington facility, while also preparing for direct international distribution.

“With recurring cash flow and a stronger financial foundation, we are in a position to allocate capital proactively and with discipline,” Alves said. “Canada will remain the foundation of Auxly’s durability, but we are also positioning ourselves for long-term international growth.”

In line with this strategy, Auxly stated that it is exploring export opportunities and strengthening its global capabilities. At the same time, it is pursuing selective acquisitions, including a stalking horse bid for the assets of Ayurcann Holdings Corp. (OTCQB: AYURF), Alves described the move as a low-risk opportunity aligned with the company’s focus on core categories like vapes and pre-rolls, noting that “the financial risk is quite low whether we are successful in our bid or not.”

Looking ahead, Auxly aims to sustain above-market revenue growth through innovation, expanded distribution, and increased production capacity. Management remains confident that its combination of strong brands, operational discipline, and strategic investments will support continued profitability and long-term value creation.

“We are excited about the year ahead,” Alves concluded, “and remain focused on building a durable company that can grow profitably and generate strong cash flows.”

#3: Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced a leadership transition at its premium vaporization subsidiary, Storz & Bickel, marking the end of a founding chapter and the beginning of a new phase focused on global expansion and innovation.

According to Canopy Growth, effective April 1, 2026, David Männer will take over as Managing Director, succeeding co-founder Jürgen Bickel, who is stepping down after 25 years of leadership. Bickel played a central role in transforming the German-based company into a global benchmark for vaporization technology, known for its high-quality devices and medical-grade standards.

Reflecting on the transition, Bickel said, “We have built a global leader, a standard, and a culture that will be modelled for years to come. This is my legacy, and I am thrilled to entrust its next chapter to someone I have complete confidence in.”

Männer, a 14-year veteran of the company who most recently served as Deputy Managing Director, steps into the role with deep institutional knowledge and operational experience. “It is on this foundation that I am excited to apply what I’ve learned and write the next chapter,” he said, highlighting continuity as well as future ambition.

Canopy Growth CEO Luc Mongeau emphasized that the leadership change aligns with the company’s broader strategy to accelerate growth. “We have a clear path forward – deepening our presence in the U.S. and pushing the pace of innovation,” he stated, adding that Männer is “exactly the right person” to build on the company’s established strengths.

Founded in 2001, Storz & Bickel has earned global recognition for innovation and product quality, including medical device certification and industry awards. The transition signals continuity in its core values while positioning the business for further expansion under new leadership.

For Canopy Growth, the move reinforces its focus on strengthening key subsidiaries and advancing its presence in both established and emerging cannabis markets, with innovation and leadership continuity at the forefront of its strategy.

Top Psychedelic Companies for Week

#1: AtaiBeckley

AtaiBeckley Inc. (NASDAQ: ATAI) secured a significant foothold in U.S. equity markets this week following its inclusion in several major benchmark indices, a move that is expected to drive significant passive investment into the company. Effective March 23, 2026, the clinical-stage biotech firm joined the S&P Total Market Index, the S&P Completion Index, and the CRSP U.S. Benchmark Indices.

These additions are particularly notable due to the scale of capital tied to such indices. The CRSP benchmarks alone underpin more than $3 trillion in passively managed assets, meaning index-tracking funds are now required to build positions in AtaiBeckley. This automatic demand could enhance liquidity and broaden the company’s investor base.

AtaiBeckley’s Chief Executive Officer, Srinivas Rao, described the milestone as a reflection of the company’s growing presence. “These inclusions broaden our reach across index-tracking strategies and build on our earlier addition to the Nasdaq Biotechnology Index,” he said, emphasizing that the recognition aligns with the company’s expanding clinical pipeline; “We see these additions as a natural progression as AtaiBeckley’s market profile grows alongside our advancing clinical pipeline, including BPL-003’s anticipated Phase 3 initiation in the second quarter.”

The S&P Total Market Index offers near-complete coverage of U.S.-listed equities, while the S&P Completion Index captures roughly 3,000 companies outside the S&P 500. Together, they will significantly increase AtaiBeckley’s visibility among institutional investors who rely on passive strategies.

This development follows a series of strategic steps by the company, including its U.S. re-domiciliation and prior inclusion in the Nasdaq Biotechnology Index in late 2025. According to the AtaiBeckley, these moves have collectively improved the company’s eligibility and profile across major benchmarks.

Alongside its market progress, AtaiBeckley stated that it continues advancing its drug development pipeline. Its lead candidate, BPL-003, is expected to enter Phase 3 trials in the second quarter of 2026, while results from the VLS-01 Phase 2b study are anticipated later in the year.

#2: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS) reported deeper fourth-quarter losses but highlighted significant clinical and regulatory progress as it pushes toward potential approval of its lead psychedelic therapy, COMP360.

In fourth quarter and full-year 2025 financial results, the company posted a Q4 loss per share of $1.00, widening from a $0.63 loss a year earlier, which was driven largely by non-cash accounting adjustments. Despite this, Compass maintained a solid financial footing, with $149.6 million in cash and cash equivalents at year-end and a strengthened balance sheet, which is expected to fund operations through 2028 following recent financing activity.

Compass Chief Executive Officer, Kabir Nath, emphasized the transformative potential of the company’s lead program. “COMP360 is shaping the future of mental healthcare,” he said, adding that the therapy could become “the first classic psychedelic approved by the FDA,” with effects seen “as early as the day after dosing” and lasting up to six months after one or two treatments.

According to Compass, COMP360, which is a synthetic psilocybin therapy for treatment-resistant depression (TRD), has demonstrated consistent, statistically significant results across late-stage trials. The company said it is preparing for a key regulatory milestone, with plans to meet the U.S. Food and Drug Administration to confirm its New Drug Application (NDA) strategy and complete submission by the fourth quarter of 2026.

This upcoming clinical data remains a critical catalyst. Results from the COMP006 study are expected in early Q3 2026 and are anticipated to form the final dataset supporting the NDA filing. At the same time, Compass announced that it is scaling its commercial readiness efforts, aiming to be launch-ready by the end of the year.

Beyond depression, the company announced it is expanding into new indications. Following recent FDA acceptance of its investigational application, Compass reported that it is initiating a late-stage trial of COMP360 for post-traumatic stress disorder, a condition with limited treatment options and significant unmet need.

Analysts offered mixed reactions following the earnings report. While some firms lowered price targets, others reiterated bullish ratings, citing encouraging clinical data and continued progress toward regulatory approval. Overall, sentiment reflects confidence in the long-term potential of COMP360, even as near-term financial losses widen.