Key Takeaways; Cannabis Sector
- MediPharm pushed back against Apollo’s boardroom challenge
- Organigram was named “Exporter of the Year” for cannabis innovation and global reach
- Green Thumb posted solid Q1 2025 results, as the company focuses on brand expansion and market growth
Key Takeaways; Psychedelic Sector
- Bright Minds won Wall Street confidence with $80 price target
- Cybin secured new U.S. patent for CYB003 as phase 3 depression trials advance
- MIRA Pharmaceuticals reported a breakthrough in neurotoxicity study, the company also acquired SKNY in a strategic merger
- MindMed reported Q1 2025 financial results and gave business updates
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: MediPharm
MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) fired back at Apollo Technology Capital Corporation following a dissident proxy circular filed on May 7, 2025, which outlined Apollo’s plan to replace six of MediPharm’s board members at the company’s upcoming shareholder meeting on June 16.
Apollo alleged that new leadership is necessary to correct what it calls MediPharm’s “years of underperformance, failed operational strategies, outrageous compensation packages, and a lack of transparency.” The group also announced it had nominated six individuals to the board, including Regan McGee, John Fowler, Alan D. Lewis, David Lontini, Demetrios Mallios, and Scott Walters.
In a May 8 press release, MediPharm dismissed the accusations as baseless and criticized Apollo for offering “no concrete strategy to create sustainable value for shareholders.” The company also claimed that Apollo’s circular contains “broad criticisms without substance or actionable solutions.”
MediPharm also raised doubts about the qualifications and track record of Apollo’s nominees, specifically targeting McGee. “The Board has significant concerns about Apollo’s leadership, particularly the checkered history and lack of proven success of its lead dissident,” the company stated.
Further escalating tensions, MediPharm said Apollo’s proxy notice failed to meet procedural standards. “Apollo’s advance notice fails to comply with MediPharm’s advance notice bylaw and does not contain material information required for shareholders,” the company warned, noting that legal counsel had been formally notified.
Despite Apollo accusing the current board of dragging the company “further into the abyss,” MediPharm reaffirmed that its leadership team is executing a strategy to transform the company and deliver shareholder value. “We remain confident that the current Board and executive leadership team — backed by a proven strategy — are best positioned to continue MediPharm’s ongoing transformation,” the company said.
MediPharm urged shareholders to “take no action at this time” as it prepares to release a full response and management information circular. Meanwhile, Apollo is encouraging shareholders to submit proxies ahead of the vote.
#2: Organigram
Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI), Canada’s leading cannabis company by market share, was awarded “Exporter of the Year” at the 2025 New Brunswick Export Awards. The prestigious recognition, which was presented by Opportunities New Brunswick (ONB), celebrated the company’s impressive global growth, groundbreaking innovation, and commitment to local economic development.
“We are honored to receive this award from Opportunities New Brunswick,” said Beena Goldenberg, CEO of Organigram Global. “This recognition is a true testament to the hard work of our team, the strength of our partnerships, and the many world-class products from our facilities.”
Headquartered in Moncton, Organigram has become a major player in the international cannabis market, exporting products to Germany, the UK, and Australia. Since 2020, the company has generated $50 million in international cannabis shipments, contributing to a total of nearly $885 million in global sales.
Beyond export achievements, Organigram is one of New Brunswick’s largest employees, with over 725 people working at its Moncton facility. The company has invested nearly $500 million into site development, including a $4 million power substation project in collaboration with New Brunswick Power and $34 million in spending with local vendors.
Additionally, Goldenberg emphasized the broader impact of the company’s success: “We believe cannabis can be a stable, made-in-Canada economic pillar—one that keeps growing, innovating, and creating good-paying Canadian jobs. With real federal engagement and a national cannabis export strategy, we can position Canada to seize a meaningful share of the estimated $140 billion global cannabis market.”
#3: Green Thumb
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), a leading U.S. cannabis consumer packaged goods company and operator of RISE Dispensaries, reported steady financial performance for the first quarter of 2025, marked by modest revenue growth and strong cash flow, despite ongoing pricing pressure across key markets.
The company announced $280 million in revenue for Q1 2025, reflecting a 1.4% year-over-year increase. Cash flow from operations reached $74 million, and Green Thumb closed the quarter with a robust cash position of $211 million. Net income for the period was $8.3 million, or $0.04 per basic and diluted share, while adjusted EBITDA stood at $85.2 million, representing 30.5% of revenue.
“The Green Thumb team delivered a respectable quarter,” said the company Founder, Chairman, and CEO Ben Kovler. “Our brands are resonating with consumers, and we’re seeing real momentum with RYTHM, Beboe, and incredibles. We kicked off RYTHM’s Bud Ball in New York City this April, and it’s becoming a signature celebration of the cannabis community.”
President Anthony Georgiadis also highlighted operational expansion and market readiness: “We opened two new stores this quarter, including RISE Whitehall in the fast-growing Ohio market. Our team is also preparing for the launch of adult-use sales in Minnesota by year-end. While we continue to face pricing compression and competitive pressures, we’re confident in our ability to execute and deliver for our shareholders.”
Green Thumb’s total debt stood at $252.4 million as of March 31, 2025, with $150 million in senior secured debt and around $100 million in real estate mortgages. The company also repurchased approximately 160,000 Subordinate Voting Shares for $1 million during the quarter.
As Green Thumb positions itself for further expansion, particularly in adult-use markets like Minnesota, the company stated it remains focused on maintaining strong liquidity and delivering consistent performance. Kovler concluded, “RYTHM is literally and figuratively on a roll. Stay tuned!”
Top Psychedelic Companies for Week
#1: Bright Minds
Bright Minds Biosciences Inc. (CSE: DRUG) (NASDAQ: DRUG) is drawing bullish attention on Wall Street, as Chardan Capital initiated coverage on the biotech firm with a resounding “Buy” rating and an ambitious $80 price target. The firm is betting heavily on the promise of BMB-101, Bright Minds’ lead drug candidate for treating epilepsy, which is a notoriously challenging neurological disorder.
“Even at its current valuation, Bright Minds is an interesting story,” said a Chardan analyst in the firm’s latest coverage report. “BMB-101 could be differentiated from other 5-HT2C agonists thanks to its unique binding profile, and if successful, it could generate over $1 billion in peak sales just in epilepsy.”
Chardan’s bullish stance is striking, particularly against the backdrop of a much lower consensus. As of March 2023, the average one-year price target for DRUG was just $8.80, which represents a significant downside from the most recent share price of $45.24. Yet Chardan’s $80 projection signals immense confidence in both the science and market potential behind Bright Minds’ strategy.
Additionally, market sentiment seems to be shifting in favor of the biotech as well. According to Fintel, institutional interest in Bright Minds is surging. The number of institutions holding positions in DRUG doubled last quarter, and total institutional ownership soared by over 1,200% to 4.9 million shares. This growing investor sentiment suggests that institutional investors are buying into the long-term vision despite near-term volatility.
Bright Minds is no ordinary biotech. The company is tackling some of the most difficult-to-treat neuropsychiatric and neurological conditions: including treatment-resistant depression, PTSD, pain, and epilepsy; by targeting neurocircuit abnormalities with next-generation serotonin agonists. Their aim is to preserve the therapeutic benefits of psychedelic compounds while eliminating their unwanted side effects.
#2: Cybin
Cybin Inc. (NYSE: CYBN) (Cboe CA: CYBN), a clinical-stage neuropsychiatry company, announced the grant of a new U.S. patent supporting its CYB003 program, a novel psilocin treatment for Major Depressive Disorder (MDD). The United States Patent and Trademark Office issued patent number 12,291,499 to Cybin, offering exclusivity until 2041 for the company’s proprietary deuterated psilocin analog, which includes pharmaceutical compositions and oral dosage forms.
“Securing an additional patent in support of CYB003 provides important validation of our program and reinforces the commercial potential of our pipeline,” stated Doug Drysdale, Cybin’s Chief Executive Officer. “Robust patent protection is essential for drug development companies, and we are proud of our expanding intellectual property portfolio.”
CYB003, which is currently in Phase 3 clinical development under the APPROACH study, is designed as an adjunctive treatment for MDD. A second pivotal study, EMBRACE, is expected to launch by mid-2025. According to the company, these studies aim to further establish the efficacy and safety of CYB003 as part of Cybin’s broader goal to transform mental health treatment through next-generation psychedelic-based therapies.
Furthermore, Cybin stated that with more than 80 granted patents and over 230 pending applications, the company is rapidly building a strong intellectual property foundation. “As we continue to dose patients in our first Phase 3 study, we are focused on execution, delivering shareholder value, and ultimately, creating more effective treatments for those with mental health disorders,” Drysdale added.
Founded in 2019, Cybin operates across North America and Europe, advancing innovative treatments for conditions like depression and anxiety. Alongside CYB003, its pipeline includes CYB004, a deuterated DMT compound currently in Phase 2 trials for generalized anxiety disorder.
#3: MIRA Pharmaceuticals
MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) reported a pivotal milestone in the development of its lead candidate, Ketamir-2, announcing that the novel oral NMDA receptor antagonist showed no signs of neurotoxicity in a U.S. Food and Drug Administration (FDA)-required preclinical study.
“This is a key milestone in the development of Ketamir-2,” said Erez Aminov, MIRA’s Chairman and CEO. “The absence of NMDA-linked neurotoxicity, along with continued clinical progress, reinforces our confidence in Ketamir-2’s potential as a safe next-generation, oral candidate for CNS disorders.”
The study, which was conducted in sexually mature Sprague-Dawley rats, revealed no adverse effects or brain lesions at any dose of Ketamir-2, even under high exposure. In contrast, animals treated with MK-801, a known neurotoxic NMDA antagonist, exhibited significant brain damage, including neuronal necrosis and vacuolation. Importantly, the research confirmed the absence of Olney lesions, which is a toxic brain changes historically linked to older NMDA-targeting drugs like ketamine.
Additionally, Dr. Itzchak Angel, MIRA’s Chief Scientific Advisor, emphasized the clinical significance of these results: “These findings eliminate one of the main safety concerns that has historically limited NMDA-targeting therapies. Ketamir-2’s clean neurotoxicity profile strengthens its position as a differentiated and promising therapeutic candidate.”
In a parallel development, MIRA’s Board of Directors announced it had approved the planned acquisition of SKNY Pharmaceuticals, Inc., in a deal that will combine the two companies into one enterprise valued at over $60 million. Moore Financial Consulting valued SKNY at approximately $30.5 million, while MIRA itself was valued at $30 million.
The merger is subject to shareholder approval and SEC filing, and it is expected to bring in at least $5 million in cash or assets from SKNY upon closing.
SKNY has its lead compound, SKNY-1, which is being developed as a next-generation oral therapeutic designed to modulate CB1 and CB2 cannabinoid receptors, as well as monoamine oxidase B (MAO-B), an enzyme involved in dopamine metabolism and addiction regulation.
“This merger brings together two pipelines, two market opportunities, and one unified strategy,” said Aminov. “We’re building a platform for first-in-class therapies targeting urgent public health needs.”
Dr. Angel highlighted the scientific rationale behind SKNY-1: “This is a rationally designed molecule that addresses the biological complexity of both obesity and addiction. The early data are promising.”
Together, the Ketamir-2 and SKNY-1 programs will position MIRA at the forefront of innovation in neuropsychiatric and metabolic disorder therapeutics, as it moves forward with a unified and growth-focused pipeline.
#4: MindMed
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) reported a first-quarter 2025 net loss of $0.35 per share, beating analyst expectations of a $0.37 loss. Additionally, the company ended the quarter with $245.5 million in cash, cash equivalents, and investments, which according to the company is enough to fund operations into 2027 and at least 12 months beyond the first topline data readout for its lead candidate, MM120 ODT, in generalized anxiety disorder (GAD).
CEO Rob Barrow expressed optimism about the company’s momentum: “All three of our pivotal Phase 3 trials—Voyage, Panorama, and Emerge—are actively enrolling. We’re building strong enthusiasm from clinical sites and patients.”
MindMed’s flagship candidate, MM120 ODT, which is an optimized oral form of LSD, is being tested in GAD and major depressive disorder (MDD). Voyage and Panorama are targeting GAD, with topline results expected in the first and second half of 2026, respectively. Moreover, the Emerge trial, which is focusing on MDD, began dosing in April and is also expected to deliver topline data in late 2026.
Barrow emphasized the company’s strategic clarity and ambition: “With our breakthrough therapy designation in GAD, a clearly defined regulatory strategy, and strong operational execution, we’re delivering on our goal of advancing MM120 ODT as a potential best-in-class therapeutic option.”
In other business updates, MindMed announced that it had completed a Phase 1 study of MM402 (R(-)-MDMA) for autism spectrum disorder and appointed Matt Wiley as Chief Commercial Officer to spearhead its future commercial launch strategy. The company also announced that it had revised its loan agreement with K2 HealthVentures, to provide up to $120 million in flexible funding.
Despite increased research and development spending, primarily driven by MM120 trials, MindMed reported that it had reduced general and administrative expenses year-over-year.