Key Takeaways; Cannabis Sector

• Weedmaps co-founders withdrew buyout offer, but left door open for future deal
• High Tide launched “Buy Local” cannabis campaign across Canada to celebrate Canada Day
• Tilray became the first company to receive Italian health ministry approval to distribute medical cannabis flowers
• Aurora Cannabis expanded global reach with compassionate care in Canada and high potency launch in Poland

Key Takeaways; Psychedelic Sector

• Compass’ stock slipped despite the company’s psychedelic depression drug trial hitting target
• Clearmind expanded global trial for psychedelic alcohol use disorder drug with two new Israeli sites
• Silo Pharma and Hoth Therapeutics forged a joint venture to tackle obesity epidemic with VA-invented biologic

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: WM Technology

In a significant development, the co-founders of WM Technology, Inc. (NASDAQ: MAPS), Douglas Francis and Justin Hartfield, officially withdrew their proposal to purchase the company’s outstanding common stock, stepping back from a bid to take the company private.

Francis, the CEO and Chairman of WM Technology, and Hartfield, a major shareholder and former executive, cited “certain external factors” in a letter dated June 23, 2025, for their decision to pull the non-binding offer. The initial proposal, which was submitted in December 2024, aimed to acquire all shares not already owned by the two at $1.70 per share; a price that represented a notable premium over market value at the time.

“We are stepping back from our current offer,” the co-founders stated in the letter, “but we remain committed to exploring options and may submit an alternative proposal in the future.”

After the initial proposal was made, WM Technology’s Board formed a Special Committee to evaluate the proposal. In response to the withdrawal, the committee confirmed its ongoing commitment to shareholder interests and stated it would not make further disclosures “unless and until it deems future disclosure is appropriate or required.”

While no new proposal is currently on the table, speculation continues about the company’s next move. “There can be no assurance that Messrs. Francis and Hartfield will submit a subsequent proposal,” the Special Committee cautioned in an official release.

Headquartered in Irvine, California, WM Technology operates Weedmaps, a dominant cannabis advertising and e-commerce platform founded in 2008. Despite its market leadership, the company has faced recent headwinds, including declining volumes in licensed cannabis markets and a $1.5 million fine from the U.S. Securities and Exchange Commission last year over misstated user metrics.

#2: High Tide

In celebration of Canada Day, High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) announced the launch of a nationwide “Buy Local” initiative in all 200 of its Canna Cabana retail stores, starting June 24, 2025. According to the company, the program will spotlight cannabis products grown or produced within the same province at each retail store location and will continue throughout the summer.

The initiative covers retail stores in British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario, and may be extended based on customer response. Each store will dedicate shelf space to local products identified by either the provincial cannabis board or the licensed producer themselves.

“As a proudly Canadian company based in Calgary, Alberta, with over 1,600 Canadian employees, we’re always finding new ways to give our customers more choice so that they can support locally owned and operated businesses,” said Raj Grover, President and CEO of High Tide. “This initiative will also open the door for producers of all sizes to have their products prominently featured in our Canna Cabana stores. Together, let’s champion homegrown, tariff-free cannabis—grown by Canadians, for Canadians.”

The campaign aims to boost visibility for local cannabis producers, promote regional economic support, and celebrate Canadian craftsmanship in the cannabis industry.

High Tide Inc. is one of the largest cannabis retailers in the world by store count and operates Canna Cabana, Canada’s largest retail chain. The company is also recognized for its innovations in cannabis retail technology and its global portfolio of e-commerce accessory platforms and CBD brands.

#3: Tilray

Tilray Medical, the medicinal cannabis division of Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), achieved a major milestone in European healthcare, becoming the first company authorized by Italy’s Ministry of Health to import and distribute medical cannabis flowers for therapeutic use.

Through its wholly owned subsidiary, FL Group, Tilray received official approval to introduce three proprietary Tilray Medical-branded cannabis flower varieties to the Italian market. The three authorized products, which are produced in Tilray’s EU-GMP-certified facility in Cantanhede, Portugal, include: Cannabis Flowers 25% THC, Cannabis Flowers 18% THC and Cannabis Flowers 9% THC / 9% CBD.

These products will now be available to patients across Italy through pharmacy distribution channels, expanding therapeutic options for those in need of cannabinoid-based treatments.

“This milestone underscores the vital role of medical cannabis as a therapeutic medicine for patients in need, supporting their health and well-being,” said Denise Faltischek, Chief Strategy Officer and Head of International at Tilray Brands. “We are proud to expand our medical cannabis portfolio in Italy with high-quality, EU-GMP certified products that uphold the highest standards in patient care.”

Faltischek also expressed appreciation for the Italian Ministry of Health, noting, “We extend our gratitude for their trust in Tilray Medical and for providing the necessary regulatory framework to ensure access to safe, consistent, and reliable cannabinoid-based therapies.”

With this development, Tilray reinforces its leadership in the European medical cannabis market, where it already operates in Germany, Portugal, Poland, and the United Kingdom. Tilray’s medical division continues to focus on enhancing global patient access and advancing therapeutic cannabis research and innovation.

#4: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), Canada’s largest medical cannabis company, is doubling down on its mission to make high-quality cannabis more accessible, both at home and abroad. In a powerful one-two move this week, Aurora announced the expansion of its compassionate pricing program in Canada and the launch of its highest-potency medical cannabis products to date in Poland.

In Canada, Aurora extended eligibility for its compassionate pricing program, raising the income threshold from $40,000 to $60,000 CAD. This change is expected to benefit over half the country’s adult population.

“Our goal is to remove barriers to access,” said Geoff Hoover, Aurora’s SVP of Canadian Commercial. “By increasing the income eligibility, we’re making medical cannabis a viable treatment option for more Canadians, at a price they can afford.”

The expanded program is now available through AuroraMedical.com, alongside other new product offerings.

Meanwhile, in Europe, Aurora continued to set the pace in cannabis innovation with the launch of two proprietary cultivars—Farm Gas and Sourdough—in the Polish medical market. These dried flower products are the most potent available in Poland, with THC levels reaching 27% and 29% respectively.

Michael Simon, VP of Commercial at Aurora Europe, highlighted the company’s competitive edge: “Thanks to our genetic breeding program, we’re introducing premium cultivars that prescribers and patients can trust. These products aren’t just strong—they’re consistent, refined, and grown under the highest EU-GMP standards.”

According to the company, the introduction of these products in Poland signals Aurora’s growing dominance in European markets, where it continues to lead through science-backed innovation and regulatory expertise.

Top Psychedelic Companies for Week

#1: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS) announced that its experimental psilocybin-based treatment for depression met its primary goal in a late-stage clinical trial. However, the modest effect size led to a sharp drop in the company’s stock price, as investor expectations were not fully met.

The study involved 258 adults suffering from treatment-resistant depression; a severe form of the condition that affects about 30% of the 21 million Americans diagnosed with major depressive disorder. Patients who had failed to respond to at least two previous treatments were given a single dose of Compass’s synthetic psilocybin compound.

Compass reported that the drug reduced depression symptoms by 3.6 points on a standardized rating scale over six weeks, compared to placebo. While this achieved the trial’s goal, it fell short of Wall Street’s anticipated five-point improvement. As a result, Compass’s American depositary receipts plunged as much as 45% on Monday morning in New York.

Despite the market reaction, company executives emphasized the clinical importance of the findings. “We’ve always said we were looking for a three-point or greater difference,” said Chief Medical Officer Guy Goodwin, defending the study’s outcome. He added that larger differences could be misleading due to the nature of psychedelic trials, where patients often know if they received the active drug.

Additionally, Compass’ Chief Patient Officer, Steve Levine, called the single-dose results “incredibly important,” adding, “Seeing this kind of meaningful improvement from a single dose is incredibly important — for patients, for caregivers, and for the entire field.”

Chief Commercial Officer Lori Engelbert also highlighted the duration of the effect: “I don’t think psychiatry has seen anything like this, with one administration lasting this long.”

This trial is the first of two late-stage studies. The second, which will test two doses of psilocybin, is expected to deliver results next year. Compass is also exploring the compound’s potential for treating PTSD.

Following last year’s FDA rejection of Lykos Therapeutics’ MDMA treatment for PTSD, Compass’s psilocybin is now the most advanced psychedelic drug in development. Its approval would put it in competition with Johnson & Johnson (NYSE: JNJ) Spravato, a ketamine-related therapy that brought in over $1 billion in 2024.

#2: Clearmind

Clearmind Medicine Inc. (NASDAQ: CMND) announced the addition of two leading Israeli medical centers, Tel Aviv Sourasky Medical Center and Hadassah-University Medical Center, to its ongoing Phase I/IIa clinical trial for CMND-100, a novel oral psychedelic-derived drug aimed at treating Alcohol Use Disorder (AUD).

CMND-100 is based on MEAI, a proprietary psychedelic compound, and is being evaluated for its safety, tolerability, and pharmacokinetics, as well as its potential to reduce alcohol cravings and consumption. The trial marks the first time the drug is being tested in humans.

“The enrollment of our first patient earlier this month was a pivotal moment,” said Dr. Adi Zuloff-Shani, CEO of Clearmind Medicine. “We are pleased to welcome Tel Aviv Sourasky Medical Center and Hadassah-University Medical Center to our Phase I/IIa clinical trial, alongside esteemed partners like Yale and Johns Hopkins. This expansion underscores our commitment to addressing the global burden of AUD, which affects millions and accounts for 2.6 million deaths annually”.

At Tel Aviv Sourasky (Ichilov) Medical Center, the trial will be led by Dr. David Zeltser, Director of Emergency Medicine. At Hadassah-University Medical Center in Jerusalem, the site will be led by Prof. Yossi Karko, Director of the Center for Clinical Research.

These additions strengthen the trial’s clinical network, joining Yale School of Medicine’s Department of Psychiatry and Johns Hopkins University School of Medicine in the U.S., as well as Israel’s IMCA. The expansion is expected to improve patient recruitment, accelerate data collection, and enhance the study’s statistical power.

“Adding Hadassah to our global network deepens the scientific strength of our trial,” Zuloff-Shani added, “and supports our mission to deliver a novel therapeutic option for the hundreds of millions of individuals around the world facing the devastating impact alcohol dependence can have on both them and their families.”

#3: Silo Pharma

Silo Pharma, Inc. (NASDAQ: SILO) entered into a non-binding letter of intent with Hoth Therapeutics, Inc. (NASDAQ: HOTH) to form a 50:50 joint venture aimed at developing and commercializing a novel obesity and metabolic disease treatment based on groundbreaking technology licensed from the U.S. Department of Veterans Affairs (VA).

The new therapeutic platform is centered around glial cell line-derived neurotrophic factor (GDNF), a biologic invented by the VA and co-developed with Emory University. GDNF has demonstrated promising anti-obesity and metabolic regulatory effects in preclinical studies and is protected under U.S. Patent No. 10,052,362. The platform targets major health burdens, including non-alcoholic fatty liver disease (NAFLD), type 2 diabetes, and central obesity.

 

“With obesity at epidemic levels and no curative therapies available, we believe the VA’s biologic GDNF is potentially a game-changer,” said Eric Weisblum, CEO of Silo Pharma. “Our proposed joint venture with Hoth is a strategic step forward in translating innovative science into human clinical trials.”

Robb Knie, CEO of Hoth Therapeutics, also echoed that sentiment: “This VA-originated obesity technology has the potential to disrupt a $16 billion global market and deliver life-changing impact for millions, including veterans disproportionately affected by metabolic disorders. We are proud to partner with Silo to bring this innovation to the public.”

The deal outlines equal equity and governance participation between Silo and Hoth, leveraging Hoth’s regulatory and development strengths, Silo’s translational capabilities, and the VA’s clinical infrastructure and public health mission.

The unmet need is vast, over 40% of U.S. adults are affected by obesity, with associated risks of diabetes, cardiovascular disease, and liver failure. Veterans face even greater vulnerability due to factors like PTSD, chronic inflammation, and limited access to effective care. The JV aims to address this gap by advancing the only known biologic that targets the neuroinflammatory roots of obesity.

According to the companies, the lead indication will be obesity and NAFLD, with future potential across a spectrum of metabolic diseases.