Key Takeaways; Cannabis Sector
- Organigram Reported its Second Quarter Fiscal 2026 Financial Results
- Village Farms Reported Q1 2026 Results Driven by Record International Export Sales
- Cronos Group Reported 2026 First Quarter Financial Results
Key Takeaways; Psychedelic Sector
- GH Research Reported First Quarter 2026 Financial Results and Provided Business Update
- Definium Therapeutics Announced First Patient had been Dosed in the Second Phase 3 Study of DT120 ODT in Major Depressive Disorder
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: Organigram
Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) reported weaker second-quarter fiscal 2026 financial results as slowing cannabis demand in Canada, vape category weakness, and production disruptions weighed on performance. Despite the softer quarter, the company announced it is positioning its newly completed acquisition of Sanity Group GmbH as a major driver of future international growth.
For the quarter ending March 31, 2026, Organigram generated gross revenue of $93.3 million and net revenue of $59.8 million, both down 9% year-over-year. The company posted a net loss of $921,000 compared with net income of $42.5 million in the same period last year. Recreational cannabis sales in Canada remained the company’s largest revenue source at $83.5 million, while international sales contributed $6.1 million.
Management attributed the decline primarily to weaker vape sales and temporary production issues affecting infused pre-roll products. CEO of Organigram, James Yamanaka, said the company had already implemented corrective measures to stabilize operations. “Q2 reflected our underperformance in vapes and temporary challenges in infused pre-roll production, compounded by slower industry growth,” Yamanaka said. “The operational changes and product enhancements we have implemented are already beginning to stabilize performance.”
The company also recorded a $5.8 million impairment tied to its U.S. hemp-derived products business following regulatory changes to the 2018 Farm Bill definition of hemp. Organigram entered the U.S. hemp beverage and edibles market through its acquisition of Collective Project Limited and the launch of its happly brand, but upcoming federal rule changes are expected to significantly restrict hemp-derived THC products beginning later this year.
Despite domestic headwinds, Organigram is increasingly focused on overseas expansion. In April, shortly after the quarter ended, the company completed its acquisition of Germany-based Sanity Group, which was one of Europe’s leading cannabis operators. Organigram expects the business to generate approximately €25 million in average quarterly revenue over the next year while strengthening its footprint across key European medical cannabis markets.
Organigram also highlighted operational improvements at its Moncton cultivation facility, where it achieved a record quarterly harvest exceeding 32,000 kilograms, up 56% year-over-year, alongside its highest average THC potency levels to date. The company said continued cultivation enhancements and automation investments are helping improve production efficiency and margins.
Organigram announced it is also awaiting an update on EU-GMP certification for its Moncton facility, a milestone that could significantly enhance its ability to export medical cannabis products into Europe. The company said it submitted all additional documentation requested by regulators in April and expects further developments in the coming months.
#2: Village Farms
Village Farms International Inc. (NASDAQ: VFF) delivered strong first-quarter 2026 results as booming international demand and rapid growth in the Netherlands helped drive major gains across its global cannabis business.
The company reported total cannabis net sales of $49.7 million for the quarter ended March 31, 2026, up 27% year-over-year, while gross profit climbed 40% to $21.3 million. Net income rose 68% to $4.8 million, marking the company’s fourth consecutive quarter of profitability as international expansion continued to accelerate.
According to Village Farms, a key driver of growth was its medical cannabis export business, where sales surged 171% year-over-year to a record $14.6 million. The company said demand for its EU-GMP-certified products remains especially strong in Germany, where it believes it now holds several of the country’s top-performing cannabis cultivars through distribution partnerships.
President and CEO, Michael DeGiglio, said the company’s international strategy and operational scale are beginning to deliver meaningful competitive advantages. “Our first quarter results reflect a strong start to the year and continued momentum in our largest markets,” DeGiglio said. “Our operations and commercial teams are executing with precision, delivering continued margin strength and a fourth consecutive quarter of positive net income.”
Village Farms also reported sharp growth in its Netherlands cannabis operations, where branded sales jumped 448% year-over-year to $2.7 million. The company stated that it expects further acceleration later this year as its Phase II Netherlands facility begins operations during the second quarter and ramps toward full production capacity by the end of 2026. Once completed, the expansion is expected to increase Dutch production roughly fivefold to approximately 10 metric tonnes annually.
In Canada, branded cannabis sales increased 5% to $23.8 million as the company maintained its position among the country’s top cannabis producers. Its flagship Pure Sunfarms brand continued gaining share in dried flower products for the 15th consecutive month, supported by new packaging initiatives and a growing focus on higher-margin product categories.
Village Farms also recently completed upgrades at its 4.8 million-square-foot cultivation campus in Delta, British Columbia, which management now describes as the world’s largest EU-GMP-certified cannabis facility. The company believes the expanded infrastructure will strengthen its ability to meet rising international medical cannabis demand.
While U.S. cannabis sales declined 20% year-over-year to $3.1 million, Village Farms signaled optimism about potential regulatory changes south of the border following recent executive action aimed at advancing marijuana rescheduling in the United States.
“We remain in an excellent position to continue scaling profitably with increasing global demand,” DeGiglio said. “The strength of our balance sheet and cash generation profile will enable flexibility to make additional accretive organic and acquisitive growth investments.”
The company ended the quarter after repurchasing $6.4 million in shares, investing $9.2 million in capital expenditures, and paying $15 million in taxes, while still expecting operating cash flow to increase its overall cash position by year-end.Top of Form
Bottom of Form
#3: Cronos Group
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) delivered record financial results in the first quarter of 2026, which according to the company, was fueled by booming international cannabis sales, strong brand performance in Canada, and continued expansion in Israel and Europe.
The company reported net revenue of $45.2 million for the quarter ending March 31, 2026, marking a 40% increase from the same period last year. Gross profit climbed 39% to $19.2 million, while net income more than doubled to $15.7 million. Adjusted EBITDA also rose sharply to $5.1 million, reflecting stronger operational performance across key markets.
Cronos attributed the growth primarily to higher cannabis flower sales in Israel and other international markets, alongside rising demand for cannabis extracts and flower products in Canada. The company also benefited from higher average selling prices, driven by increasing sales in countries where cannabis products are not subject to excise taxes.
Chairman and CEO of Cronos, Mike Gorenstein, said the company’s “borderless products strategy” continues to drive momentum globally. “We are benefitting from increased volume following Cronos GrowCo’s expansion and sustained growth in our proprietary products across categories,” Gorenstein said. “We continue to see robust growth potential for our products in Europe.”
Cronos highlighted major gains from its flagship Spinach brand in Canada. The brand captured the number one position in the vape category for the first time, securing a 9.8% national market share across all vape formats and 11.1% in vape cartridges. The company also reported that Spinach maintained its leading position in cannabis edibles with a 20.8% share of the gummies market, supported by the continued popularity of SOURZ by Spinach gummies.
The company’s medical cannabis business in Israel also continued to expand. PEACE NATURALS recorded its ninth consecutive quarter of record revenue and maintained its status as the top cannabis brand in Israel. International revenue outside Israel nearly doubled year-over-year, highlighting Cronos’ broader European ambitions.
Cronos also reaffirmed plans to acquire CanAdelaar B.V., which is one of the licensed suppliers participating in the Netherlands’ legal cannabis experiment. The company said it had extended the acquisition deadline from June to September 2026 to allow more time for regulatory approvals and licensing confirmations. Cronos expects the deal to close during the summer.Top of Form
Bottom of Form
Top Psychedelic Companies for Week
#1: GH Research
GH Research PLC (NASDAQ: GHRS) reported first-quarter 2026 financial results alongside key operational milestones, which are aimed at moving its lead depression treatment, GH001, closer to a global Phase 3 pivotal program.
The company posted a net loss of $19.0 million, or $0.31 per share, which was wider than analyst estimates of a $0.26 per-share loss. This was an increase compared with a loss of $10.8 million, in the same period last year. Despite the increased loss, the company ended the quarter with a strong cash position of $267.3 million in cash, cash equivalents, and marketable securities. GH Research reported that it had further strengthened its balance sheet by securing an additional $111.2 million in net proceeds from an underwritten offering completed in April.
Operationally, the company highlighted significant progress in its clinical development pipeline. According to GH Research, enrollment has been completed in the Phase 1 GH001-HV-106 trial in the UK, which evaluated the company’s proprietary aerosol delivery device in healthy volunteers. Based on results of that study, GH Research announced it had selected the doses that will be used in its upcoming global Phase 3 pivotal program for GH001 in treatment-resistant depression (TRD).
The company also reported that it had completed enrollment in GH001-HV-109, which is its IND-opening Phase 1 study in the United States, marking another step toward broader regulatory advancement. GH Research said it is currently seeking FDA alignment on the Phase 3 design and continues to target initiation of the pivotal program in late 2026.
“The first quarter of 2026 marks progress as planned toward our global GH001 Phase 3 pivotal program,” said CEO Dr. Velichka Valcheva.
GH001, which is the company’s lead candidate, is an inhaled mebufotenin therapy designed for patients with TRD. In its Phase 2b trial, GH001 achieved a statistically significant reduction in depression severity compared with placebo, reinforcing management’s belief that the therapy could offer a potentially transformative treatment option in the depression treatment market.
This update came amid increasing investor attention on psychedelic-inspired mental health therapies, following recent results from Compass Pathways plc (NASDAQ: CMPS), which also reported its first quarter 2026 financial results this week and also reaffirmed its regulatory ambitions for COMP360 in treatment-resistant depression.Top of FormBottom of Form
#2: Definium Therapeutics
Definium Therapeutics, Inc. (NASDAQ: DFTX), formerly known as Mind Medicine (MindMed) announced this week that the first patient had been dosed in Ascend, which is the company’s second Phase 3 pivotal study evaluating DT120 ODT for major depressive disorder (MDD), marking another major milestone in its late-stage psychiatric drug development program.
According to the company, the Ascend trial will assess the efficacy and safety of DT120 ODT compared with placebo in approximately 175 participants across the United States. Furthermore, Definium stated that the study is designed similarly to the company’s first Phase 3 MDD trial, Emerge, as well as its ongoing generalized anxiety disorder (GAD) studies.
Ascend will be conducted in two stages. Part A consists of a 12-week randomized, double-blind, placebo-controlled period, while Part B includes a 40-week extension phase allowing eligible participants to receive open-label DT120 ODT treatment based on symptom severity. The primary endpoint will measure the change from baseline in Montgomery-Åsberg Depression Rating Scale (MADRS) scores at Week 6 between patients receiving DT120 ODT 100 µg and placebo.
Chief Medical Officer of Definium, Dr. Daniel Karlin, said the therapy could represent a significant advancement for patients struggling with depression. “DT120 ODT represents a potentially transformative treatment for people living with MDD, with our findings from our DT120 Phase 2b study showing strong effects on depression symptoms,” Karlin stated.
He added that many current depression therapies fail to provide lasting relief for patients. “Too often, existing treatments for MDD fall short, leading many patients to be treated with multiple medications without lasting relief,” he said. “We expect the Ascend study to continue to build on the clinical evidence that DT120 ODT can deliver a meaningfully differentiated option for one of psychiatry’s most significant unmet needs.”
Definium also emphasized that the company is approaching a critical period, with topline data from its first Phase 3 MDD study, Emerge, expected soon. Karlin noted that the company believes it is entering “a pivotal period that could enable meaningful advances in the treatment landscape for patients living with depression and anxiety.”
With growing investor and industry interest in psychedelic-inspired mental health therapies, Definium’s advancement into multiple late-stage studies positions the company among a group of biotech companies seeking to reshape treatment options for major psychiatric disorders.Top of FormBottom of Form