Key Takeaways; Cannabis Sector

• Tilray Brands Global Push is Paying Off as International Cannabis Growth Drove Record Q3 Revenue
• Charlotte’s Web Strengthened Balance Sheet as British American Tobacco Deepened Stake Amid Strategic Growth Push
• Organigram Secured Shareholder Backing for Sanity Group Acquisition

Key Takeaways; Psychedelic Sector

• New Study by Definium Therapeutics Highlighted Growing Burden of Generalized Anxiety Disorder in the U.S.
• NRx Pharmaceuticals Subsidiary Hope Therapeutics is Targeting Depression Relapse with Emobot’s AI-Powered Platform

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: Tilray Brands

Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY) reported record third-quarter fiscal 2026 results this week, with strong international cannabis sales helping offset ongoing market pressures and significantly narrowing losses.

For the quarter ending February 28, 2026, Tilray posted net revenue of $206.7 million, up 11% year-over-year, alongside a record gross profit of $55 million. While the company still reported a net loss of $25.2 million, this marked a dramatic 97% improvement compared to the $793.5 million loss recorded in the same period last year.

According to the Tilray, growth was largely fueled by the company’s cannabis segment, where net revenue rose 19% to $64.8 million. Notably, international cannabis revenue surged by more than 70%, reflecting strong demand across European and global markets, while Canadian adult-use and medical cannabis sales also posted modest gains.

“Our third quarter results demonstrated the strength of our global strategy in action, delivering our strongest Q3 net revenue and gross profit to date,” said Irwin D. Simon, Chairman and CEO of Tilray. “Our international cannabis business delivered its best quarterly net revenue in company history… We are seeing that our strategy works, driving growth through scale, product innovation, and strong distribution.”

Tilray’s diversified business model also contributed to its performance. Distribution revenue reached a record $83 million, while its beverage segment generated $42.6 million and wellness brought in $16.4 million. The company continued to balance growth across cannabis, beverages, distribution, and wellness as part of its broader global platform.

International expansion remains central to Tilray’s strategy. The company highlighted strong performance in key markets such as Germany, which is its largest international cannabis market, alongside a growing footprint across Europe and other regions. However, management noted that pricing pressures in some markets could weigh on margins.

Beyond cannabis, Tilray is accelerating its ambitions in the global beverage sector. The company recently completed its acquisition of BrewDog and announced a partnership with Carlsberg Group set to begin in 2027, moves aimed at building a scaled, multi-region beverage platform.

“With the acquisition of BrewDog and our recently announced partnership with Carlsberg, we are accelerating the buildout of a scaled global beverage platform,” Simon said. “These initiatives broaden our infrastructure… positioning Tilray to capture growth across key markets.”

Backed by a strong balance sheet with approximately $265 million in cash and securities, Tilray reaffirmed its full-year outlook and continues to target sustained profitability through operational efficiencies and global expansion.

Overall, the quarter highlighted a company increasingly leveraging international growth and diversification to navigate industry headwinds, while positioning itself as a leading global player across cannabis and consumer packaged goods.

#2: Charlotte’s Web

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQB: CWBHF), a market leader in cannabidiol (CBD) hemp extract wellness products, took a significant step to reinforce its financial position and accelerate strategic initiatives, announcing a major transaction with British American Tobacco plc (BAT) alongside its latest financial results.

The transaction agreement will see BAT convert approximately US$65 million of debt, including accrued interest, into equity and inject an additional US$10 million through a private placement. According to the company, the move eliminated Charlotte’s Web’s largest liability, simplifying its capital structure, and leaving the company with no long-term debt while boosting liquidity for near-term priorities.

Chief Executive Officer Bill Morachnick described the deal as both financial and strategic: “BAT’s decision to convert its debenture to equity and invest additional capital removes our largest remaining liability and strengthens our shareholders’ equity.” He added that the new capital “provides greater flexibility to participate in the upcoming CMMI Medicare pilot program.”

Following completion, BAT is expected to hold roughly 40% of the company’s shares, underlining its long-term commitment. Chief Financial Officer, Erika Lind, emphasized the financial impact, noting the transaction “avoids approximately US$12 million in future interest” while positioning the company to “fund near-term priorities.”

The strengthened balance sheet comes as Charlotte’s Web prepares for potential participation in a landmark U.S. Medicare pilot program led by the Centers for Medicare & Medicaid Innovation (CMMI). The initiative could enable subsidized access to CBD products for senior patients, initially focusing on oncology care. Management sees this as a breakthrough moment for industry adoption within healthcare systems.

Morachnick called the development “a landmark breakthrough,” adding that it brings “physician-authorized CBD access into the healthcare system for seniors” and could serve as a model for broader integration across Medicare’s 67 million beneficiaries.

Operationally, the company reported modest revenue growth for 2025, with annual sales reaching $49.9 million, which was up slightly year-over-year. While net losses remained broadly unchanged at around $29.7 million, Charlotte’s Web made substantial progress in cost reduction, cutting SG&A expenses by over 20% and improving operating efficiency.

The company also highlighted momentum in product innovation and manufacturing, including expansion into low-dose THC gummies, functional mushroom products, and sleep-focused offerings. Moreover, internalizing production is expected to improve margins over time, with management targeting a return toward historical gross margin levels.

Looking ahead, management believes the combination of regulatory momentum, healthcare channel expansion, and a deleveraged balance sheet positions the company for a transition toward profitability. As Lind summarized, “With a significantly de-levered capital structure, our focus will shift entirely to operational execution and unlocking the value of our strategic positioning in botanical wellness.”

#3: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) took a major step toward international expansion after shareholders ‘overwhelmingly’ approved its acquisition of Sanity Group GmbH, alongside a related financing deal with British American Tobacco plc (BAT).

According to Organigram, at the company’s annual general and special meeting held on March 30, 2026, investors approved the transaction with 93% support, clearing the way for Organigram to acquire the remaining shares of Sanity Group and issue up to 96 million new shares tied to the deal and BAT’s private placement. The vote excluded BAT-affiliated shares in line with regulatory requirements.

The acquisition is expected to close in April 2026, subject to final conditions including completion of financing arrangements. Once finalized, the deal will mark a pivotal shift in Organigram’s global strategy, establishing a strong foothold in Europe, particularly in Germany, which is one of the world’s fastest-growing medical cannabis markets.

Management highlighted the strategic rationale, noting the transaction is “financially accretive” and expected to enhance both revenue and profitability. Sanity Group, which generated positive EBITDA in 2025, brings established operations, regulatory expertise, and a distribution network across Europe. The combination will create a vertically integrated European hub, positioning Organigram to scale internationally.

The move builds on Organigram’s earlier $21 million investment in Sanity Group in 2024, which initially gave the company a minority stake and entry into the German market. With full ownership, Organigram aims to leverage Sanity’s local leadership and partnerships while introducing its own brands and product innovations to European medical markets.

Sanity Group also adds unique assets, including participation in Switzerland’s cannabis pilot programs through Europe’s first legal specialty cannabis stores. These initiatives are expected to strengthen credibility as Europe gradually expands regulated cannabis access.

Looking ahead, Organigram expects continued growth in international revenue, particularly as it advances toward EU-GMP certification for its flagship Moncton facility, which is an important step for accessing European medical markets.

Top Psychedelic Companies for Week

#1: Definium Therapeutics

A newly published study by Definium Therapeutics, Inc. (NASDAQ: DFTX), formerly known as Mind Medicine (MindMed), revealed a sharp and sustained rise in the prevalence of Generalized Anxiety Disorder (GAD) across the United States, highlighting an urgent need for improved mental health care access and innovation. The findings, which were published in the Journal of Mood and Anxiety Disorders, drew on real-world healthcare data collected between 2020 and 2023.

The study showed that diagnosed GAD prevalence increased from 5.4% in 2020 to 6.6% in 2023, while the cumulative three-year prevalence reached 10.3%; meaning more than one in ten U.S. adults were affected during this period. Annual incidence rates remained consistently high, ranging from 2.1% to 2.3%, pointing to a steady stream of newly diagnosed patients entering the healthcare system.

Researchers also found that GAD disproportionately affects women and is strongly linked to Major Depressive Disorder (MDD), reinforcing the complex and overlapping nature of mental health disorders. These updated figures met or exceeded earlier estimates, suggesting that the true burden of anxiety may be greater than previously understood.

“This rise likely reflects a convergence of greater awareness, shifting screening, and increasing societal stressors,” said Jeffrey Strawn, co-author of the study. He added that the findings highlight “the urgency of developing more effective treatments for individuals living with GAD.”

Echoing this concern, lead author and Senior Director, Healthcare Economics Outcomes Research at Definium, Erin Ferries, emphasized the need for better care solutions. “Importantly, these data emphasize the urgency of advancing more effective and accessible treatment options for patients living with GAD,” she said. “The high rate of comorbidity of GAD and MDD… reinforces the need for more integrated approaches that address them concurrently.”

By leveraging a large U.S. healthcare claims database, the study provided a more current and comprehensive picture of GAD prevalence than previous survey-based estimates. However, researchers cautioned that the true scale of the disorder may still be underestimated due to underdiagnosis and misdiagnosis.

Ultimately, the findings highlighted a widening gap between the growing burden of anxiety disorders and the availability of effective, accessible treatments; an issue that companies like Definium aim to address as part of a broader effort to reshape the future of mental health care.

#2: NRx Pharmaceuticals

NRx Pharmaceuticals, Inc. (NASDAQ: NRXP) took a significant step into AI-driven mental health care through its subsidiary Hope Therapeutics, which this week announced a strategic partnership with Emobot Health. The collaboration will integrate Emobot’s AI-driven emotional monitoring platform “Depression Thermometer” across Hope’s network of interventional psychiatry clinics, marking the first large-scale clinical deployment of the passive monitoring technology.

The platform is designed to address a critical gap in treating Treatment-Resistant Depression (TRD), where up to half of patients relapse within six to twelve months, often without detection between clinical visits. By continuously analyzing facial expressions, vocal patterns, and activity data through smartphones, the AI tool provides clinicians with real-time insight into a patient’s emotional state without requiring active input.

“Precision medicine requires real-time data to be effective,” said Jonathan Javitt, CEO of Hope Therapeutics. “In psychiatry, the period between clinic visits has traditionally been a ‘blind spot.’ Emobot’s 100% passive, multimodal AI provides us with a continuous stream of objective biomarkers—effectively a ‘360-degree view’ of a patient’s emotional state.”

This technology will replace traditional questionnaires with continuous background monitoring, offering what the company describes as a more objective and scalable approach to tracking mental health. According to the company, early validation data shows strong alignment with established clinical measures, supporting its use as a real-time biomarker system for depression severity.

Clinically, the integration is expected to significantly improve patient outcomes. By detecting early warning signs of relapse, clinicians can intervene rapidly with treatments such as ketamine therapy or transcranial magnetic stimulation, potentially doubling success rates. At the same time, patients gain access to real-time mood tracking and automated alerts, enabling them to schedule follow-up care before symptoms worsen.

“We believe this is the new gold standard for care; in fact, we expect every patient to be on Emobot,” Javitt added, emphasizing the company’s ambition to embed AI monitoring into routine psychiatric treatment.

The partnership also highlights a broader shift toward data-driven psychiatry, where continuous monitoring replaces episodic assessments. Tanel Petelot, CEO of Emobot Health, said the collaboration aims to “eliminate the guesswork from mental health care” by pairing objective data with advanced therapies.