Key Takeaways; Cannabis Sector

• Vireo Growth to Acquire Planet 13 in Landmark All-Stock Deal 
• SNDL Completed Parallel Asset Acquisition, Expanding its U.S. Medical Cannabis Footprint 
• Tilray Posted Record FY2026 Revenue as Cannabis Sales Rose and Losses Narrowed 

Key Takeaways; Psychedelic Sector

• Eli Lilly’s $3.8 Billion Deal to Acquire AtaiBeckley Signals a Major Push into Psychedelic-Inspired Mental Health Therapies 
• Clearmind Medicine Reported Positive Phase I/II Safety Results for CMND-100 in Alcohol Use Disorder Trial 

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: Vireo Growth

Vireo Growth Inc. (CSE: VREO) (OTCQX: VREOF) announced it had agreed to acquire Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) in an all-stock transaction, marking another major step in its rapid expansion strategy and significantly strengthening its presence in key U.S. cannabis markets. According to Vireo, the acquisition will add 36 dispensaries, three cultivation and production facilities, a distribution license and a cannabis consumption lounge license to its growing portfolio.

Under the terms of the agreement, each outstanding Planet 13 share will be exchanged for 0.015383618 of a Vireo subordinate voting share. The offer represents a 16.6% premium to Planet 13’s 20-day volume-weighted average share price as of July 24, 2026, and a 24% premium to its closing price on the same date. The transaction remains subject to shareholder, regulatory and stock exchange approvals.

Once finalized, the acquisition will significantly enhance Vireo’s operations in Nevada, Florida and Illinois. In Nevada, the company will gain Planet 13’s flagship Las Vegas superstore, an additional dispensary, approximately 45,000 square feet of active cultivation and production capacity, expansion potential of up to 2.3 million square feet, a distribution license and a cannabis consumption lounge license. In Florida, Vireo will add 33 dispensaries and two cultivation and production facilities, while the deal also includes Planet 13’s dispensaries in Waukegan, Illinois.

Following the completion of this and its previously announced acquisitions, Vireo expects to operate approximately 265 dispensaries across 15 states, creating one of the largest cannabis retail networks in the United States by dispensary count.

Commenting on the transaction, Vireo Chief Executive Officer, John Mazarakis, said, “Planet 13 represents another significant milestone of our disciplined growth strategy. These assets will deepen our existing footprint in Nevada and Florida, while complementing our developing platform in Illinois.” He added that the acquisition reinforces the company’s strategy of disciplined consolidation to drive long-term organic growth and shareholder value.

Planet 13 Co-Chief Executive Officer, Larry Scheffler, also commented on the deal stating that Vireo was well positioned to build on the company’s achievements. “We believe Vireo is the right long-term steward for our business, with the operational expertise, financial discipline, and strategic vision to build on that foundation and continue delivering value for our stockholders,” he said.

Co-Chief Executive Officer, Bob Groesbeck, added that Planet 13 had strengthened its operations in preparation for the transaction and expressed confidence that the integration would provide a smooth transition for employees, customers and the communities served.

Both companies’ boards have unanimously approved the merger, while Planet 13’s independent special committee also recommended the deal after they concluded it was in the best interests of the company’s shareholders. The merger agreement includes a termination fee of US$1.8 million payable by Planet 13 under specified circumstances.

#2: SNDL

SNDL Inc. (NASDAQ: SNDL) completed its previously announced acquisition of key assets from U.S. cannabis operator Parallel, strengthening its position in the North American cannabis market and significantly expanding its presence in the United States.

The transaction gave SNDL control over Parallel’s operations in Florida, Texas, and Massachusetts through its SunStream Bancorp joint venture. The acquired platform includes 56 retail locations and three cultivation and manufacturing facilities, comprising 43 Surterra Wellness dispensaries in Florida, 10 Goodblend locations in Texas, and three NETA dispensaries in Massachusetts.

Following the acquisition, SNDL said it now supports a 249-store cannabis retail network, which the company described as the largest cannabis retail footprint in the world by store count. SNDL expects to transition its current indirect ownership into direct, consolidated holdings over the coming months, subject to legal, regulatory, accounting, and Nasdaq requirements. Moreover, recreational cannabis operations, including those in Massachusetts, are expected to remain deconsolidated under current Nasdaq rules.

Chief Executive Officer of SNDL, Zach George, described the deal as “a defining milestone” in SNDL’s strategy to build a leading vertically integrated North American cannabis business. He added, “SNDL now supports a 249-store cannabis retail network, the largest in the world by store count,” noting that the company’s experience operating in Canada’s competitive cannabis market positions it well for expansion across key U.S. medical cannabis markets.

According to the company, the acquired assets generate approximately US$150 million in annualized revenue and provide what SNDL considers a profitable foundation for future growth. The company also highlighted opportunities to improve operational efficiency and enhance profitability across the newly acquired businesses.

This acquisition concludes a lengthy restructuring of one of SunStream’s largest credit investments. Parallel had defaulted on a US$150 million secured loan originally provided by SunStream affiliates and accumulated debt exceeding US$842 million. After an extensive sale process failed to attract an acceptable third-party buyer, creditors completed a consensual foreclosure that eliminated most of Parallel’s legacy debt and established a new ownership structure.

SNDL said the transaction will not immediately change its financial reporting, aside from a previously acquired loan position. Furthermore, the company stated that financial consolidation of the U.S. medical cannabis operations is expected once the company completes the required legal and regulatory steps to convert its indirect exposure into direct ownership.

#3: Tilray Brands

Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY) reported record financial results for fiscal 2026, driven by growth across its cannabis, beverage, distribution and wellness businesses, while significantly reducing its annual net loss.

For the fiscal year ended May 31, 2026, the company generated $915.5 million in net revenue, an 11% increase from the previous year. Gross profit rose 8% to $260.4 million, while the annual net loss narrowed sharply to $105.2 million, compared with nearly $2.2 billion in fiscal 2025. Adjusted EBITDA reached a record $61.1 million.

Cannabis remained a key contributor, generating $268.3 million in annual revenue, up 8% year-over-year and accounting for 29% of total company sales. International medical cannabis revenue climbed 34%, reflecting continued expansion across European markets.

In the fourth quarter, Tilray posted $281.7 million in net revenue, up 25% from a year earlier. Gross profit increased 34% to $90.5 million, while quarterly net loss narrowed to $37.9 million. Cannabis revenue for the quarter rose 5% to $71.5 million, supported by strong international sales despite weaker Canadian medical, adult-use and wholesale revenue.

Tilray Brands Chairman and Chief Executive Officer, Irwin D. Simon, said fiscal 2026 marked a turning point for the company. “We didn’t just deliver record revenue, record gross profit and record adjusted EBITDA, we demonstrated the strength of the diversified global platform we’ve been building for the last five years,” he said.

Simon added that Tilray has evolved into a diversified business with leadership positions across cannabis, beverages, hospitality and wellness, supported by a stronger balance sheet and greater financial flexibility to pursue future growth.

The company highlighted the integration of BrewDog as a major milestone in expanding its global beverage platform, while its European medical cannabis and pharmaceutical operations continued to gain momentum. Tilray ended the fiscal year with approximately $235 million in cash, restricted cash and marketable securities, while reducing net debt to just $0.7 million.

Looking ahead, Tilray expects to surpass $1 billion in annual revenue and projects fiscal 2027 adjusted EBITDA of $68 million to $75 million, reflecting continued double-digit growth.

On the U.S. cannabis market, Simon said the company remains interested but cautious due to regulatory uncertainty. He noted Tilray is evaluating opportunities through a medical-first strategy, emphasizing that long-term regulatory stability will be a key factor before making significant investments.

Top Psychedelic Companies for Week

#1: AtaiBeckley

AtaiBeckley Inc. (NASDAQ: ATAI) has recently taken center stage in the psychedelic sector after pharmaceutical giant Eli Lilly and Company (NYSE: LLY) announced plans to acquire the clinical-stage company in a deal worth up to $3.8 billion, marking one of the biggest investments in psychedelic-inspired mental health treatments to date.

The agreement included an upfront cash payment valuing AtaiBeckley at approximately $2.8 billion, with shareholders eligible for an additional $1 billion if key clinical and regulatory milestones are achieved. Lilly will pay $6.75 per share in cash, alongside contingent value rights linked to the progress of AtaiBeckley’s lead drug candidates.

The acquisition is expected to strengthen Lilly’s neuroscience portfolio by adding AtaiBeckley’s BPL-003, an investigational intranasal therapy for treatment-resistant depression, and VLS-01, a DMT-based therapy currently in mid-stage clinical development. BPL-003 has already received the U.S. Food and Drug Administration’s Breakthrough Therapy Designation and has entered Phase 3 development after producing encouraging results in clinical trials.

According to Lilly, AtaiBeckley’s therapies target the biological causes of depression by restoring synaptic connectivity and promoting the growth of new neural connections, offering a different approach from traditional antidepressants that primarily regulate neurotransmitters.

“Treatment-resistant depression persists even after multiple treatments have failed. Millions of people are still searching for relief and desperately need a therapy that works,” said Carole Ho, Executive Vice President and President of Lilly Neuroscience. She added that advancing AtaiBeckley’s therapies gives the company “a real chance to change that.”

AtaiBeckley Chief Executive Officer and co-founder Srinivas Rao described the transaction as an opportunity to accelerate the development of innovative psychiatric medicines. “Across our portfolio, we’re seeking to demonstrate that psychiatric illness is treatable at its biological root, not just its symptoms,” he said, noting that Lilly’s global expertise is expected to help bring the therapies to patients faster.

Christian Angermayer, AtaiBeckley’s founder, largest shareholder and chairman of the board, also welcomed the acquisition, saying joining Lilly provides the resources and scale needed to advance the company’s mental health pipeline more rapidly. He called the deal “the best path forward for patients and shareholders.

The announcement sparked strong investor enthusiasm, with AtaiBeckley’s shares surging by about 30% following the news. The transaction, which is expected to close in the third quarter of 2026 pending shareholder and regulatory approvals, highlights the growing confidence in next-generation therapies aimed at addressing some of the most challenging mental health conditions. 

#2: Clearmind Medicine

Clearmind Medicine Inc. (NASDAQ: CMND) reported positive safety findings from Part A of its FDA-regulated Phase I/II clinical trial evaluating CMND-100, its proprietary oral drug candidate for the treatment of Alcohol Use Disorder (AUD). According to the company, the study met its primary endpoint of safety and tolerability, with all 24 healthy volunteers completing treatment across four ascending-dose cohorts.

The company said CMND-100 demonstrated a consistent safety profile throughout the dose-escalation phase, including at the highest tested dose of 160 mg. No serious adverse events were reported, while tolerability remained strong and in line with results seen in earlier cohorts.

Part A evaluated single ascending doses of approximately 20 mg, 40 mg, 80 mg and 160 mg, with six participants enrolled in each cohort. The multicenter trial is being conducted under U.S. Food and Drug Administration oversight at clinical sites in the United States and Israel, including Yale School of Medicine, Johns Hopkins University School of Medicine, Tel Aviv Sourasky Medical Center and Hadassah Medical Center.

Chief Executive Officer of Clearmind, Adi Zuloff-Shani, said the results strengthen the company’s confidence in the program. “Successfully completing the full dose-escalation sequence in Part A with a consistently favorable safety and tolerability profile—including at the highest dose level-represents a significant milestone for the program,” she said, adding that the findings support advancing CMND-100 into the next stages of clinical development for patients with Alcohol Use Disorder.

Clearmind is now completing its full analysis of the Part A data and, subject to continued positive findings, plans to proceed with subsequent stages of the trial, including dosing patients with Alcohol Use Disorder. The company believes the non-hallucinogenic profile of CMND-100 could offer a more accessible treatment approach by avoiding the perceptual effects associated with classical psychedelic therapies.