Key Takeaways; Cannabis Sector

• Tilray Brands Reported Record First Fiscal Quarter Revenue and Record First Quarter Gross Profit 
• Curaleaf Raised Aurora Cannabis Takeover Offer to US$5 per Share
• Aurora Cannabis More Than Doubled Expected Flower Output at Expanded German Facility

Key Takeaways; Psychedelic Sector

• Clearmind Medicine Submitted Recommendations on Non-Hallucinogenic Psychedelic Therapies to FDA 
• Optimi Health to Present at ThinkEquity Conference in New York 
• Psyence BioMed Secured U.S. Manufacturing Partnership for Pharmaceutical-Grade Ibogaine

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 cannabis net revenue of $56.1 million for the three months ended August 31, 2026, representing a 13% year-over-year decline from $64.5 million in the first quarter of fiscal 2026. Cannabis gross profit fell 5% to $22 million from $23.3 million, while gross margin improved to 39%, up from 36% a year earlier.

The cannabis segment’s performance contrasted with the company’s overall results. Tilray reported record first-quarter net revenue of $257.1 million, up 23% year-over-year, and record gross profit of $77.5 million, an increase of 35%. Its overall gross margin expanded to 30% from 27%, while the company recorded a net loss of $40 million, driven predominantly by non-cash charges.

Canadian adult-use cannabis revenue declined 16% year-over-year to $53.6 million, while Canadian medical cannabis revenue fell 24% to $4.7 million. Wholesale cannabis revenue dropped 84% to $670,000. In contrast, international cannabis revenue increased 21% to $16.2 million, despite pricing pressures in overseas markets.

Tilray said international cannabis revenue was negatively affected by approximately $8.8 million in price compression during the quarter. Nevertheless, cannabis gross margin improved by three percentage points, supported primarily by operating efficiencies in Canada and better utilization of its cultivation facility in Portugal.

“Tilray’s record first-quarter revenue and gross profit demonstrate the power of the diversified platform we have built,” said Irwin D. Simon, chairman and CEO of Tilray Brands. He added that the company was no longer dependent on a single market or regulatory catalyst, citing its diversified business operations and international footprint as drivers of stronger margins and long-term growth.

Beyond cannabis, Tilray’s first-quarter growth was driven by its beverage and pharmaceutical distribution businesses. Beverage revenue rose 82% to $101.5 million, reflecting the acquisition of BrewDog, while distribution revenue increased 14% to $84.3 million. The company ended the quarter with $221.4 million in cash, restricted cash and marketable securities and reduced outstanding debt by $42 million during the fiscal year to date.

#2: Curaleaf Holdings

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) increased its hostile takeover offer for Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) by 25% to US$5 per share, seeking to strengthen its proposal after Aurora’s board unanimously rejected the initial bid. The enhanced offer comprises 0.4013 Curaleaf subordinate voting shares and US$1 in cash for each Aurora share, representing an 86% premium to Aurora’s unaffected share price of US$2.75.

The revised proposal also increased the maximum consideration per Aurora share, known as the cap price, by 20% to US$6. Curaleaf also extended the offer’s expiry deadline from December 1 to December 4, 2026, and plans to provide the pro forma financial statements requested by Aurora as part of its formal regulatory filings.

Curaleaf Chairman and CEO Boris Jordan said the improved offer followed discussions with a significant proportion of Aurora’s shareholders, who he said supported the strategic rationale for the transaction. “We view this as a significant good-faith step that demonstrates our conviction in the merits of a combination and the value creation opportunity it represents,” Jordan said.

The company argues that combining the businesses would create a major international cannabis operator with operations in 17 countries, more than US$1.5 billion in trailing 12-month revenue and nearly US$350 million in adjusted EBITDA. Curaleaf also estimates at least US$40 million in annual cost synergies and a combined market capitalization exceeding US$3 billion.

Under the proposed deal, Aurora shareholders would retain exposure to the Canadian company’s international medical cannabis operations while gaining an ownership interest in Curaleaf’s substantial US cannabis business. Curaleaf says the combined platform would benefit from greater scale, improved liquidity and a lower cost of capital, positioning it to pursue growth across global cannabis markets.

However, Aurora challenged Curaleaf’s latest announcement, arguing that it was not yet a formal revised bid when announced and that the company had not received the necessary documentation to conduct a full evaluation. Aurora Executive Chairman and CEO Miguel Martin said its independent special committee would review any formal revised offer using the same rigorous process applied to the original proposal.

#3: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) announced it had completed a major expansion of its medical cannabis facility in Leuna, Germany, more than doubling its expected annual cannabis flower output as it strengthens its position in the growing European medical cannabis market.

According to Aurora, the facility, which is now renamed Aurora Horizon, received an expanded European Union Good Manufacturing Practice (EU-GMP) license covering its newly constructed areas. The multi-million-dollar investment is expected to increase domestic production capacity while improving product quality, consistency and operational efficiency.

Aurora reported that it had incorporated cultivation and post-harvest practices developed at its Canadian facilities, alongside proprietary cannabis genetics from its Aurora Coast research and development site in British Columbia. The upgrades are designed to support consistent production and meet growing demand for high-quality medical cannabis in Germany and other European markets.

“The completion of our Leuna facility transformation is an important milestone for Aurora and reinforces our commitment to serving patients in our fastest-growing markets,” said Alex Miller, executive vice-president of operations and supply chain at Aurora. He added that Aurora Horizon would strengthen the company’s ability to serve German patients while advancing its broader European growth strategy.

The Leuna site is one of only three facilities licensed for domestic medical cannabis cultivation in Germany. Originally developed to fulfil a German federal cultivation contract awarded to Aurora in 2019, the facility now plays an expanded role in the company’s European manufacturing network. The investment is also expected to support local job creation in Saxony-Anhalt.

Aurora’s expansion comes amid increasing demand for international medical cannabis. For the three months ended June 30, 2026, the company reported international medical cannabis revenue of $43.3 million, up from $37.1 million a year earlier, with higher sales in Germany contributing to the increase.

Top Psychedelic Companies for Week

#1: Clearmind Medicine

Clearmind Medicine Inc. (NASDAQ: CMND) announced it had submitted recommendations to the U.S. Food and Drug Administration (FDA) aimed at improving patient access to psychedelic-derived therapies, with a focus on non-hallucinogenic neuroplastogens for alcohol use disorder (AUD). The submission, which was announced on October 7, 2026, responds to the FDA’s public consultation on the potential future therapeutic use of psychedelic drugs.

The Vancouver-based clinical-stage biopharmaceutical company said it is calling for new regulatory approaches that could streamline drug development, expand clinical trial access and potentially reduce treatment costs. Clearmind argues that non-hallucinogenic compounds designed to promote neuroplasticity while avoiding hallucinogenic effects could reduce the need for expensive, supervised dosing and support more accessible treatment options, including potential at-home therapies.

The company also recommends closer collaboration between the FDA and federal agencies, including the Department of Veterans Affairs, the Department of War and the Department of Health and Human Services, to explore clinical research and pilot programmes for potential treatments for AUD and other conditions.

“Continued engagement with federal agencies, alongside rigorous clinical research, is important to advancing new treatment options for patients who currently have limited access to care,” said Dr. Adi Zuloff-Shani, Clearmind’s chief executive officer.

The submission follows a series of recent federal engagement initiatives. In April, Clearmind welcomed President Donald Trump’s executive order on accelerating medical treatments for serious mental illness. In July, it responded to a Health and Human Services request for information under the Great American Recovery Initiative, highlighting its MEAI compound and non-hallucinogenic neuroplastogens. On September 14, the company’s chief of global impact, Mary-Elizabeth Gifford, briefed an FDA-convened federal panel on patient access and clinical trial insights from Yale University and Johns Hopkins University.

The FDA submission represents a further step in Clearmind’s efforts to contribute to discussions on the future regulation and accessibility of psychedelic-derived treatments. However, the proposed regulatory changes and potential therapies remain subject to further research and regulatory consideration.

#2: Optimi Health

Optimi Health Corp. (NASDAQ: OPTH) announced that it will participate in the ThinkEquity Conference on October 15, 2026, at the Mandarin Oriental Hotel in New York City. The company, which manufactures regulated psychedelic drug products for mental health treatments, said it will present an overview of its business and development activities to investors.

Optimi’s management is scheduled to deliver its corporate presentation at 4:00 p.m. Eastern Time and will be available for individual meetings with investors registered for the event. Investors interested in meeting the company’s management can contact their ThinkEquity representative or register for the conference.

Based in Vancouver, Canada, Optimi Health is a commercial-stage pharmaceutical manufacturer and clinical-stage developer focused on producing pharmaceutical-grade psychedelic medicines. Its products include MDMA and botanical psilocybin manufactured at its Good Manufacturing Practice (GMP)-compliant facilities in British Columbia.

The company supplies active pharmaceutical ingredients and finished drug products to regulated clinical and therapeutic programmes internationally. Its products are prescribed to patients in Australia through the country’s Authorized Prescriber Scheme and are accessible in Canada through the Special Access Program.

The ThinkEquity Conference will take place on October 15, 2026, at the Mandarin Oriental Hotel, 80 Columbus Circle, New York City. The event brings together public and private companies, industry executives and institutional and accredited investors, providing a platform for corporate presentations and one-on-one investor meetings across sectors including biotechnology, artificial intelligence, technology and metals and mining. 

#3: Psyence BioMed

Psyence Biomedical Ltd. (NASDAQ: PBM) announced a manufacturing partnership between its wholly owned Texas subsidiary, Texas Ibogaine Research Corporation (TIRC), and Benuvia Operations LLC to establish a U.S.-based pathway for producing pharmaceutical-grade ibogaine. Announced on October 5, 2026, the agreement marked another step in the company’s plans to develop ibogaine-based treatments for substance use disorders and other mental health conditions.

Benuvia operates an approximately 83,000-square-foot, Drug Enforcement Administration (DEA)-registered pharmaceutical manufacturing facility in Round Rock, Texas. Its capabilities include controlled-substance development, analytical testing and commercial-scale manufacturing. According to Psyence BioMed, Benuvia holds approximately half of the U.S. aggregate production quota for ibogaine, although future production will depend on applicable quotas, import requirements and other regulatory authorizations.

The agreement builds on Psyence BioMed’s September 28 announcement that TIRC had signed a binding term sheet with Psyence Labs for exclusive U.S. development, supply and wholesale distribution rights to its pharmaceutical grade ibogaine. The parties intend to finalize a definitive agreement by November 30, 2026.

Together, the planned supply arrangement and the new manufacturing partnership are intended to connect pharmaceutical-grade source material with U.S.-based production capabilities, supporting the development of a more integrated supply and regulatory platform for ibogaine.

“Combined with our planned licensed supply, we believe this has the potential to create an end-to-end pathway from pharmaceutical-grade source material through U.S.-based manufacturing,” said Jody Aufrichtig, chief executive officer of Psyence BioMed and TIRC.

Additionally, TIRC project lead Dr. John Thorne said establishing domestic manufacturing is intended to strengthen supply-chain controls, batch consistency and the chemistry, manufacturing and controls documentation required for future regulatory submissions. Benuvia chief executive Terry Novak added that the partnership could help expand U.S. pharmaceutical-grade ibogaine manufacturing capacity as regulatory quotas permit.

Psyence BioMed aims to advance ibogaine-based therapies for conditions including opioid use disorder, other substance use disorders and mental health challenges affecting veterans. However, the manufacturing pathway remains subject to regulatory requirements, and further manufacturing, nonclinical and clinical development work will be needed before potential treatments can reach patients.