Key Takeaways; Cannabis Sector

• Aurora Cannabis Posted Record Medical Cannabis Revenue as International Growth Drove Fiscal 2026 Performance
• Trulieve Made History with NYSE Listing as CEO Sees New Era for U.S. Cannabis
• Tilray Medical Launched its First German-Grown Premium Cannabis Brand ARX
• Village Farms Expanded Dutch Production and Launched Pink Kush Vape in Canada

Key Takeaways; Psychedelic Sector

• Optimi Health Expanded Global Reach with UK Psilocybin Export and Advanced Ibogaine Program
• NRx Pharmaceuticals Noted Real-World Study Highlighting Stronger Depression Outcomes with IV Ketamine

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: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) delivered record medical cannabis revenue and adjusted EBITDA in fiscal year 2026 financial and operational results, highlighting the success of its global medical cannabis strategy despite continued weakness in its Canadian consumer business.

For the year ended March 31, 2026, Aurora reported total net revenue of $320.6 million, up 10% from the previous year, while adjusted EBITDA rose 32% to a record $53.8 million. Global medical cannabis revenue reached an all-time high of $288.6 million, which according to the company, was driven by strong demand in Europe and continued growth across the company’s international markets.

“During fiscal year 2026, we exceeded our projection for global medical cannabis net revenue led by double-digit growth in Europe and delivered on our expectation for Adjusted EBITDA, with both at record outcomes,” said Executive Chairman and Chief Executive Officer for Aurora, Miguel Martin. “Our performance validates Aurora’s global medical cannabis strategy, which has positioned us as a leading provider in Canada, Europe, Australia, and New Zealand.”

While medical sales continued to expand, Aurora’s consumer cannabis business remained a drag on results. Revenue from recreational cannabis declined sharply as the company accelerated its exit from provincial markets in Canada to focus resources on higher-margin medical opportunities. Consumer cannabis revenue fell 40% for the full year and 55% in the fourth quarter.

Moreover, Aurora strengthened its international production platform during the year and continued investing in future growth. In April, shortly after year-end, the company completed the $26.5 million acquisition of Safari Flower Company, adding a 59,000-square-foot EU-GMP-certified cultivation and manufacturing facility. The acquisition is expected to expand supply capacity for key international markets while reducing reliance on third-party sourcing.

The company also announced it was expanding Leuna, its Germany facility, a project expected to double annual flower production once completed in fiscal 2027. Aurora believes the combination of increased production capacity and proprietary high-performing cannabis cultivars will support continued market share gains across Europe.

“We believe Aurora’s leadership in medical cannabis is built upon our regulatory expertise, extensive and recently expanded supply network of EU-GMP certified facilities, and proven commercial execution,” Martin said. “We are confident that these attributes create a competitive advantage as we navigate the evolving industry dynamics to maintain and expand global market share, while driving international growth.”

Looking ahead, Aurora expects international expansion to remain its primary growth engine. However, management cautioned that changes to Canadian government reimbursement rates for veterans’ medical cannabis could pressure revenue and margins in fiscal 2027. As a result, the company forecasted lower annual revenue and adjusted EBITDA next year, partially offset by continued growth in Germany, Poland and other international medical markets.

#2: Trulieve

Trulieve Cannabis Corp. (NYSE: TRLV) (CSE: TRUL) (OTCQX: TCNNF) became the first U.S. cannabis company to list on the New York Stock Exchange, marking a landmark moment for the industry and potentially opening the door to broader institutional investment.

The Florida-based cannabis operator began trading on the NYSE this week under the ticker TRLV following a corporate restructuring that separated its federally compliant medical cannabis operations from its adult-use business. The move followed the federal rescheduling of medical marijuana to Schedule III earlier this year, creating a pathway for state-licensed medical cannabis companies to obtain DEA registration and access major U.S. exchanges.

Speaking on CNBC’s Fast Money, Trulieve Chief Executive Officer Kim Rivers described the listing as a milestone not only for Trulieve but for the broader cannabis sector. “It is a historic day not only for Trulieve but for the U.S. cannabis industry,” Rivers said. “What we have today in the TRLV listing is 100% DEA-registered assets that are ring-fenced and separated from our adult-use assets.”

The restructuring allowed Trulieve’s medical cannabis operations to meet federal requirements while maintaining exposure to one of the fastest-growing sectors in healthcare. The company’s medical business includes 206 DEA-registered dispensaries supported by approximately 3.5 million square feet of cultivation and production capacity. The company currently operates medical cannabis businesses in Florida, Pennsylvania, Georgia and West Virginia, with plans to expand into Texas.

Rivers said the regulatory changes provide access to capital markets, institutional investors and traditional banking services that have historically been unavailable to most cannabis operators due to federal restrictions. Rivers also highlighted the company’s approximately 60% gross margins, which she described as among the strongest in the industry.

The NYSE listing comes as federal cannabis reform continues to gain momentum. Hearings related to marijuana rescheduling are scheduled to begin later this month, a process that could further reshape the regulatory landscape for cannabis businesses across the U.S.

With greater access to capital, a growing national medical footprint and a historic exchange listing now secured, Trulieve believes it is well positioned to benefit from the next phase of U.S. cannabis industry growth. “It really is going to be the summer of cannabis,” Rivers said.

#3: Tilray

Tilray Medical Germany, a division of Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY), unveiled ARX, its first premium medical cannabis brand developed and cultivated entirely in Germany, marking a significant expansion of the company’s presence in one of Europe’s fastest-growing medical cannabis markets.

According to the company, the new brand officially debuted at Mary Jane Berlin 2026 and represented the culmination of more than two years of development at Tilray Medical’s Aphria RX facility in Neumünster. Moreover, the company highlighted that, the launch reflected the company’s strategy of combining proven cannabis genetics with local cultivation and manufacturing expertise to deliver consistent, high-quality medical products for patients and healthcare professionals.

Rajnish Ohri, President of International at Tilray Brands, said the launch represents an important milestone for the company’s European growth strategy. “The launch of ARX marks an important milestone for Tilray in Germany as our first premium medical cannabis brand developed and cultivated in-market,” Ohri said. “Germany continues to lead the evolution of medical cannabis in Europe, and we are committed to supporting that growth with locally produced, high-quality products that meet the needs of patients and healthcare professionals.”

He added that ARX strengthens Tilray’s position in Germany while supporting long-term supply reliability and patient access. “With ARX, we are strengthening our position in this critical market while advancing consistency, supply reliability, and long-term patient access,” Ohri said.

The brand will be produced at Tilray’s Aphria RX facility and distributed through the company’s established German pharmaceutical network, including CC Pharma and 14U Pharma. By maintaining fully integrated operations from cultivation through distribution, Tilray aims to reduce handling, improve product consistency, and ensure dependable supply for pharmacies and patients across the country.

The launch comes as Germany continues to emerge as a leading medical cannabis market in Europe, creating new opportunities for established producers with EU-GMP-certified cultivation and manufacturing capabilities. Tilray believes its local production infrastructure and extensive experience in both Canada and Europe position the company to benefit from the market’s continued expansion.

#4: Village Farms

Village Farms International Inc. (NASDAQ: VFF) took a significant step in its international growth strategy by commencing cultivation at its Phase II cultivation and processing facility in Groningen, the Netherlands, while also expanding its product portfolio in Canada with the launch of the Pure Sunfarms Pink Kush Cured Resin 510 Vape.

On Tuesday June 9, the company announced that operations had officially begun at the Groningen facility following the receipt of final regulatory approvals. Once fully ramped up in early 2027, the site is expected to increase Village Farms’ annual production capacity in the Netherlands to approximately 10 metric tonnes.

Village Farms Chief Executive Officer, Michael DeGiglio, said the expanded facility will support continued profitable growth. “We’re excited to announce that we’ve commenced all operations at our Phase II facility in Groningen, where our increased production capacity will enable us to continue driving profitable sales growth through the remainder of this year and beyond,” he said.

DeGiglio also highlighted the company’s commitment to local communities, noting that Village Farms remains focused on being a responsible long-term partner in both Groningen and Drachten as the regulated Dutch cannabis market develops.

In Canada, Village Farms introduced the Pure Sunfarms Pink Kush Cured Resin 510 Vape, extending its flagship Pink Kush strain into the country’s fastest-growing cannabis category. The product is designed to deliver a flower-like experience through a single-source cured resin extract that preserves the strain’s natural terpene and cannabinoid profile.

Paul Furfaro, Global President of Commercial for Village Farms, said the move was a logical extension of one of Canada’s most successful cannabis products. “Bringing it into the vape category as a cured resin offering was a natural next move,” he said. “Consumers who love Pure Sunfarms’ Pink Kush will recognize it immediately—the terpenes, the experience, the effect—all of it in a format they can take with them.”

The launch comes as vape products continue to gain market share in Canada’s cannabis industry. Village Farms believes the strong reputation of Pink Kush, which has been the country’s top-selling strain for five consecutive years, provides a solid platform for growth in the category.

The new vape product is now available through licensed cannabis retailers in British Columbia and is scheduled to launch in Ontario shortly.

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Top Psychedelic Companies for Week

#1: Optimi Health

Optimi Health Corp. (NASDAQ: OPTH) completed a new Good Manufacturing Practice (GMP) production run of its 5mg psilocybin capsules, strengthening supply for patients with treatment-resistant depression (TRD) in Australia while also supporting upcoming clinical trials in the United States and Europe.

Optimi Health Corp. (NASDAQ: OPTH) marked a significant milestone in its international growth strategy after completing its first export of naturally derived psilocybin to the United Kingdom for use in a planned Phase 2 clinical trial.

According to the company, the shipment included both psilocybin biomass and finished 5mg psilocybin capsules manufactured at the company’s GMP-certified facility in Princeton, British Columbia. The capsules are the same formulation currently prescribed to patients in Australia for treatment-resistant depression.

“This is our first shipment into the United Kingdom, and it is the same psilocybin we already supply to patients in Australia,” said Dane Stevens, CEO and Co-Founder of Optimi. “We can serve a commercial market and a clinical trial from the same GMP facility, on our own licence. That is a rare position, and one we have spent years building.”

The export was completed under authorization from Health Canada and the UK Home Office, further strengthening Optimi’s position as a vertically integrated supplier of GMP-grade psychedelic medicines. The company said details regarding the clinical trial partner and specific treatment indication will be announced at a later date.

In a separate update, Optimi reported progress on its Ibogaine Initiative, securing naturally derived ibogaine from two sources in both hydrochloride and freebase forms. The company stated that development of a finished ibogaine drug product is expected to begin this summer at the company’s British Columbia facility.

Optimi plans to produce encapsulated 50mg and 100mg doses and is undertaking in-house development work covering manufacturing procedures, dosage standardization, packaging, labeling and analytical testing validation.

Stevens noted growing momentum behind ibogaine research, particularly in the United States, where psychedelic therapies are attracting increased public funding and regulatory attention. “We are seeing a growing number of research institutions interested in ibogaine, and there is real public funding behind it now, including the $50 million program in Texas,” Stevens said. “We are excited to develop and supply this product from Canada, where we have the facility, the licensing, and the experience to make it into standardized pharmaceutical dosages.”

With psilocybin exports now reaching the UK and ibogaine development moving forward, Optimi continues to expand its portfolio of regulated psychedelic therapies while leveraging its GMP manufacturing infrastructure to support both clinical research and patient access programs internationally.

#2: NRx Pharmaceuticals

NRx Pharmaceuticals, Inc. (NASDAQ: NRXP) highlighted new real-world evidence suggesting that intravenous (IV) ketamine may deliver stronger treatment outcomes for depression than intranasal esketamine, following the presentation of a peer-reviewed study at the 2026 American Society of Clinical Psychopharmacology annual conference.

The study, which was conducted by researchers from Osmind, Inc. and Yale University, analyzed de-identified medical records from more than 10,000 patients treated for major depressive disorder across hundreds of community psychiatry clinics. Researchers compared outcomes for 8,224 patients who received IV ketamine with 1,830 patients treated with intranasal esketamine.

After matching patients based on baseline characteristics, the analysis found that both treatments produced meaningful and sustained reductions in depression symptoms. However, IV ketamine demonstrated superior outcomes, with 34% of patients achieving remission and 63% showing a clinical response to treatment. By comparison, remission and response rates among intranasal esketamine patients were 26% and 58%, respectively.

The findings indicated that patients receiving IV ketamine were approximately 22% more likely to respond to treatment and 50% more likely to achieve remission than those receiving intranasal esketamine.

The authors concluded that both therapies can rapidly improve depression symptoms in routine clinical practice, but that IV ketamine was associated with higher remission and response rates. They also noted that the study’s retrospective design and lack of randomized treatment assignment remain important limitations, meaning other factors may have influenced outcomes.

NRx Chairman and CEO Dr. Jonathan Javitt welcomed the findings and emphasized the importance of further research. “We at NRx appreciate the rigor with which Osmind and its academic partner approached this Real-World Evidence study and look forward to the results of larger, confirmatory studies, as envisioned in our recent Type C meeting with the FDA,” Javitt said.

The study arrives as interest in real-world evidence continues to grow among regulators and policymakers. NRx noted that the use of such data in evaluating treatments for depression and suicidality has received increasing support from both the White House and Congress.

For NRx, the findings are particularly relevant as the company advances NRX-100, its preservative-free intravenous ketamine therapy, which is being developed for patients suffering from severe depression and suicidal ideation. The company believes that expanding real-world evidence could help support future regulatory pathways and strengthen the clinical case for IV ketamine-based treatments.