Key Takeaways; Cannabis Sector

• Tilray stockholders approved reverse stock split, but implementation was paused amid strategic evaluation
• 4Front Ventures filed for bankruptcy in Canada following recent financial struggles
• Village Farms regained Nasdaq compliance, as the company doubled down on Cannabis focus
• Ontario court dismissed Apollo’s bid for independent chair in MediPharm shareholder dispute

Key Takeaways; Psychedelic Sector

• Silo Pharma secured patent for groundbreaking PTSD treatment technology
• Enveric Biosciences secured patent for breakthrough low-hallucinogenic mental health therapies
• Clearmind Medicine is tapping lobbying a firm to push psychedelic therapies into mainstream healthcare

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

Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY) announced that stockholders had approved a reverse stock split of the company’s common stock, allowing the board to enact a split at a ratio between 1-for-10 and 1-for-20. The decision, which was made during a special shareholder meeting, grants flexibility to adjust the share structure while helping the company meet key objectives.

Despite the approval, Tilray announced it had paused immediate implementation of the reverse split, citing the need to further evaluate market conditions, stock price performance, and optimal timing.

According to the company, the proposed reverse stock split aims to: Restore compliance with Nasdaq’s minimum $1.00 bid price requirement, align share count with peers of similar size, enhance appeal to institutional investors and cut costs associated with shareholder meetings by up to $1 million annually.

Tilray received notice from Nasdaq in March 2025 for failing to meet the minimum bid price. The company has until September 21, 2025, to regain compliance by maintaining a closing share price of at least $1.00 for ten consecutive business days.

The company believes the reverse stock split, once implemented, will better position it for strategic acquisitions and long-term growth across its global operations in cannabis, wellness, and consumer packaged goods.

#2: 4Front Ventures

Cannabis operator 4Front Ventures Corp. (CSE: FFNT) (OTC: FFNTF) filed for bankruptcy in Canada under the Bankruptcy and Insolvency Act, marking a significant escalation in its ongoing financial challenges. This move follows the company’s recent voluntary receivership filing in Massachusetts, as it grapples with mounting liabilities and a lack of operational funding.

According to 4Front, B. Riley Farber had been appointed as trustee for the Canadian bankruptcy proceedings.

This Canadian bankruptcy filing is the latest in a series of setbacks for 4Front. The company’s failure to file its 2024 audited financial statements led to a cease trade order from the Ontario Securities Commission, halting the trading of its shares on the Canadian Securities Exchange. Despite this, the stock continues to trade on the U.S. over-the-counter market under the symbol FFNTF.

Founded in 2011, 4Front is known for its vertically integrated model and operated dispensaries, cultivation, and manufacturing facilities in Illinois, Massachusetts, and Washington State. The company has launched more than 20 cannabis brands and 1,800 products through its Mission-branded retail stores.

Despite its past reputation for efficient production and facility management, 4Front now faces uncertain prospects as it navigates Canadian bankruptcy and U.S. receivership.

#3: Village Farms

Village Farms International, Inc. (NASDAQ: VFF) officially regained compliance with Nasdaq’s listing requirements, signaling a pivotal moment for the vertically integrated cannabis and agricultural company. After months of working to lift its share price, the company confirmed it had met the minimum closing bid price of $1.00 per share, as required by Nasdaq Listing Rule 5550(a)(2).

In a statement released on June 9, Village Farms confirmed that Nasdaq had formally acknowledged the company’s regained compliance and closed the matter. Shares of Village Farms trade on the Nasdaq Capital Market under the ticker symbol VFF.

This isn’t the first time Village Farms have faced delisting pressure. The company previously received a compliance extension in October 2023 after an initial warning in April of that year. The recent compliance extension, which was granted earlier in 2025, gave the company additional time to stabilize its share price.

The resolution comes at a time of strategic transformation for the company. Earlier this month, Village Farms revealed its plan to divest its legacy fresh produce business, Vanguard Food LP, a move designed divestment from fresh produce business and intensify its focus on high-growth international cannabis opportunities.

“Divesting Vanguard allows us to sharpen our focus on the cannabis sector, where we see significant global potential,” a company spokesperson said. Despite stepping back operationally, Village Farms retains a 37.9% equity interest in Vanguard Food LP, giving it continued exposure to the produce sector and leaving room for future upside.

Headquartered in both Vancouver, British Columbia, and Lake Mary, Florida, Village Farms has transitioned from being one of North America’s leading fresh produce suppliers to a vertically integrated global cannabis player. Its Canadian cannabis arm, Pure Sunfarms, boasts 2.2 million square feet of greenhouse space and remains one of the country’s largest and lowest-cost producers.

#4: MediPharm

The Ontario Superior Court of Justice firmly rejected Apollo Technology Capital Corporation’s attempt to appoint an independent chair for MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) upcoming shareholder meeting, marking a significant legal victory for the cannabis company in the increasingly bitter proxy battle.

Apollo, a dissident shareholder holding roughly 3% of MediPharm’s common stock, had accused the company of planning to invalidate proxies and run a “corrupt election process.” The firm sought a court order to install a third-party chair at MediPharm’s Annual and Special Meeting scheduled for June 16, 2025. However, the Court dismissed Apollo’s claims, ruling that no evidence supported allegations of potential misconduct by MediPharm’s proposed meeting chair.

“There is no reason to believe the meeting cannot be conducted fairly,” the Court concluded, emphasizing that the company’s internal governance procedures were sufficient.

Apollo’s principal, Regan McGee, has led the charge against MediPharm’s leadership, accusing them of mismanagement, excessive compensation, and failed strategies. In a dissident letter to shareholders, McGee claimed a board overhaul was necessary to rescue MediPharm from a trajectory that could “drain its cash reserves by November.”

The company, in turn, highlighted McGee’s conduct throughout the dispute, presenting court-documented evidence that he had threatened to compare MediPharm CEO David Pidduck to “known serial killers” in a press release. MediPharm also noted McGee previously filed, then withdrew, a $50 million lawsuit against the company’s directors, external counsel Tyr LLP, and lawyer James Bunting—later agreeing to a settlement that included a full release and non-disparagement clause.

In a June 2 press release, MediPharm pointed to a report by Institutional Shareholder Services (ISS), which recommended that shareholders not vote for Apollo’s dissident slate, stating Apollo had “not made a compelling case for change.”

Apollo continues its campaign through ads and a dedicated website, Cure MediPharm Now, while pressing its claim that CEO Pidduck is maneuvering to sell the company for personal gain, a claim MediPharm has not publicly addressed in detail.

As the June 16 shareholder vote nears, tensions remain high. MediPharm has urged shareholders to take no action, while Apollo pushes to replace six board members, including installing McGee himself. All votes must be submitted by 3:00 p.m. Eastern Time on Friday, June 13, 2025.

Top Psychedelic Companies for Week

#1: Silo Pharma

Silo Pharma, Inc. (NASDAQ: SILO), a clinical-stage biopharmaceutical company, received a Notice of Allowance from the U.S. Patent and Trademark Office for a pioneering intranasal PTSD treatment, SPC-15. The patent, which was licensed from Columbia University and scheduled to be issued as U.S. Patent No. 12,329,726 on June 17, 2025, covers biomarkers that indicate the effectiveness of prophylactic treatments for stress-related disorders.

“This patent offers increased protection for the key technology behind our novel PTSD prophylactic, which we are preparing to take into Phase 1 clinical trials,” stated Eric Weisblum, CEO of Silo Pharma.

SPC-15 is a serotonin 5-HT4 receptor agonist delivered intranasally and is designed to prevent or reduce stress-induced psychiatric conditions such as PTSD and anxiety. Silo believes the treatment may qualify for the FDA’s streamlined 505(b)(2) approval pathway.

Headquartered in Sarasota, Florida, Silo Pharma holds exclusive global rights to develop and commercialize SPC-15. The original patent was filed by Columbia University with support from NIH grants. In addition to PTSD, the company is developing SP-26 for fibromyalgia and chronic pain, and other preclinical candidates targeting Alzheimer’s and multiple sclerosis.

Silo recently expanded its strategic initiatives, allocating up to $1 million in Bitcoin to its treasury to hedge against inflation. The company also initiated a drug-device study with Resyca BV and partnered with Veloxity Labs to ensure regulatory compliance with its PTSD research. Furthermore, the company recently raised approximately $2 million in a public offering to support ongoing development and working capital.

With strong gross profit margins and a growing research pipeline, Silo Pharma is positioning itself as a key innovator in the treatment of psychiatric and neurological disorders.

#2: Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB), a clinical-stage biotechnology company specializing in next-generation treatments for psychiatric and neurological conditions, received a Notice of Allowance from the U.S. Patent and Trademark Office for a new class of non-hallucinogenic aminated tryptamine derivatives. These compounds are designed to promote neuroplasticity without triggering hallucinogenic effects, marking a significant advancement in mental health therapeutics.

Developed through Enveric’s proprietary Psybrary™ discovery platform, the patented molecules showed minimal Head Twitch Response (HTR) and reduced activation of the 5-HT2A receptor in preclinical testing, which are two markers commonly linked with psychedelic hallucinations. This positions the compounds as first-in-class neuroplastogens, capable of frequent outpatient dosing without the clinical complications of traditional psychedelics.

“This allowance adds a new tier of patent-protected innovation to our pipeline,” said Enveric CEO Dr. Joseph Tucker. “Unlike traditional psychedelics that require intensive clinical monitoring, our molecules are designed to align with patient lifestyles and existing healthcare workflows.”

The new patent strengthens Enveric’s intellectual property and expands its leadership in developing safe, scalable, and effective psychiatric treatments. The protected compounds have potential applications in treating conditions such as depression, PTSD, anxiety, and cognitive impairments—without the disruptive effects associated with hallucinatory experiences.

“This achievement reflects Enveric’s continued execution on its mission to develop safe and effective neuroplastogenic therapeutics,” Dr. Tucker added. “Each addition to our intellectual property portfolio helps build long-term value.”

Enveric’s lead candidate, EB-003, exemplifies this innovation strategy and is being advanced toward clinical trials. The company is also exploring out-licensing opportunities for additional compounds in its growing Psybrary™ platform.

#3: Clearmind Medicine

Clearmind Medicine Inc. (NASDAQ: CMND), a clinical-stage biotech company pioneering psychedelic-derived therapeutics, partnered with a prominent government and political affairs firm to help drive regulatory acceptance and public policy support for its treatment innovations.

The company, which currently trades near its 52-week low with a market cap of $4.57 million, is intensifying efforts to bring psychedelic therapies—such as its lead drug candidate CMND-100—into mainstream mental healthcare. CMND-100 is currently undergoing Phase I/IIa clinical trials for Alcohol Use Disorder (AUD) at major institutions including Yale School of Medicine and Johns Hopkins University.

In a joint statement, Clearmind said the consulting firm will work to educate U.S. policymakers about the scientific promise of psychedelic treatments, push for balanced regulations, and build strategic partnerships to advance its therapeutic pipeline.

“We are pleased to collaborate with a team of seasoned government affairs experts to help shape the future of psychedelic medicine,” said Dr. Adi Zuloff-Shani, CEO of Clearmind. “Psychedelics hold immense promise for transforming mental health treatment, but their novelty requires proactive engagement with regulators and policymakers to ensure safe and equitable access.”

The lobbying effort comes at a time when psychedelics are gaining growing attention for their potential to treat challenging conditions like Post-Traumatic Stress Disorder and other mental illnesses. By advocating for evidence-based policies, Clearmind aims to accelerate the clinical adoption of its treatments and ensure the healthcare system is ready to integrate them safely.