Key Takeaways; Cannabis Sector
- Curaleaf Secured Record‑Setting $500M Refinancing as Industry Shifts
- Organigram Posted Strong Q1 Growth as New CEO Signaled Disciplined Global Expansion
- Tilray Deepened UK Pharmaceutical Footprint Through New Partnership
Key Takeaways; Psychedelic Sector
- Helus Pharma is Advancing Pipeline and Leadership as Key Clinical Readouts Approach
- Clearmind Strengthened Safety Case for CMND‑100 With New Cohort Data
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: Curaleaf
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) locked in a major refinancing deal, announcing commitments for a $500 million private placement of senior secured notes, the largest debt offering ever completed in the U.S. cannabis sector. According to the company, the move will allow the multistate operator to push back looming maturities while navigating a tightening capital environment and rapidly evolving federal policy.
The new notes, which carry an 11.5% interest rate and maturing in February 2029, will refinance $475 million in existing debt due in late 2026. The $457 million outstanding debt carried a significantly lower 8% rate, an indicator of how much more expensive cannabis financing has become.
Despite the higher cost, Curaleaf framed the transaction as a strategic win. CEO Boris Jordan emphasized the strength of investor demand, saying the offering was “meaningfully oversubscribed” and brought in ten first‑time cannabis lenders. “This transaction strengthens our balance sheet, extends maturities to 2029 and provides ample flexibility to pursue high‑return global growth opportunities,” he said. Jordan added that the deal reflects “institutional investor confidence in the Curaleaf story.”
The refinancing comes at a pivotal moment for the cannabis sector. President Donald Trump’s December directive to move cannabis to Schedule III has triggered a wave of M&A activity and renewed interest from institutional capital. Curaleaf itself recently lost a bidding contest for a Virginia medical cannabis license after a rival group offered $160 million, which was far above Curaleaf’s initial $110 million agreement.
Curaleaf’s leadership appears to be intent on positioning the company for expansion once regulatory changes take effect. The company noted that remaining proceeds from the new offering will support global growth initiatives and cover transaction expenses.
With its next earnings report scheduled for February 26, Curaleaf is also navigating a strategic pivot. After briefly leaning into hemp‑derived THC, the company exited the market later and is now moving away from that segment ahead of a federal THC ban set for late 2026.
#2: Organigram
Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) reported robust first-quarter fiscal 2026 results, highlighting strong year-over-year revenue growth, improved profitability, and continued international expansion under newly appointed Chief Executive Officer, James Yamanaka.
For the three months ending December 31, 2025, gross revenue rose 46% to $97.3 million, while net revenue increased 49% to $63.5 million. Net income reached $20.0 million, reversing a $27.5 million loss in the prior-year quarter. Adjusted EBITDA climbed 273% to $5.3 million.
The company, which ranks first in Canada by market share, attributed the gains to higher recreational sales, contributions from the Motif acquisition, operational efficiencies, and growing international demand.
“As I step into the role of CEO, I’m encouraged by the strength of Organigram and our leadership position in Canada,” said Yamanaka, who assumed the role on January 15, 2026. “What’s clear is that we have a competitive core business, supported by a foundation of innovation and plant science, alongside a continued focus on improving efficiency and scale. As our international presence grows, disciplined execution and operating efficiency will drive profitability.”
Organigram’s Chief Financial Officer, Greg Guyatt, also commented on the results saying that the company delivered “strong revenue growth and improved profitability, reflecting the scale we’ve built across the business.” He added that margins remained elevated due to operational efficiencies and higher international sales, and that Organigram expects further international growth throughout fiscal 2026.
Moreover, Organigram stated that it continues to await European Union Good Manufacturing Practice (EU-GMP) certification for its Moncton facility, which is a key milestone expected to support further international growth. The company said it is preparing follow-up responses to regulators after receiving feedback in January 2026.
As of December 31, 2025, Organigram reported total cash and short-term investments of $63.0 million. The company continues to benefit from its strategic partnership with British American Tobacco, including access to follow-on investment funds to support international and U.S. expansion initiatives.
#3: Tilray
Tilray Pharma the pharmaceutical division of Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY) took a significant step in expanding its UK pharmaceutical presence, announcing a new strategic agreement with Smartway Pharmaceuticals that will broaden access to its medical products across the country. The partnership, which was executed through Tilray’s European distribution arm CC Pharma, is designed to strengthen supply reliability and accelerate the company’s reach within one of Europe’s most valuable healthcare markets.
Under the agreement, Smartway will leverage its established national distribution network while CC Pharma contributes its European procurement capabilities and GMP‑certified infrastructure. Tilray estimates the UK market for this category of pharmaceutical products to be worth nearly £1 billion, positioning the collaboration as a major opportunity for growth.
Rajnish Ohri, Tilray’s president of international operations, highlighted the strategic importance of the move. “The UK is a priority market within Tilray’s international medical strategy,” he said. “This agreement strengthens our ability to broaden access to medicinal products through established healthcare distribution channels, while advancing our long‑term growth across Europe’s evolving medical landscape.” Ohri added that the partnership is expected to embed Tilray more deeply into the UK health system, particularly for its medical cannabis offerings.
CC Pharma and Smartway have worked together since 2009, and both companies describe the new agreement as a natural evolution of their longstanding collaboration. Mathias Bossen, managing director of CC Pharma, said the deal marks “an important step forward in expanding our pharmaceutical distribution activities into the UK,” noting that Smartway’s national network will help improve supply reliability for pharmacies and hospitals.
Smartway CEO, Josh Cocklin, also emphasized the patient‑focused benefits of the partnership. “Our focus is always on patients and outcomes,” he said. “This agreement supports continuity and expansion of access to medicines across UK healthcare, meaning fewer interruptions and more predictable access to care.”
The companies also announced plans to explore additional collaborative opportunities, aligning with Tilray’s broader strategy of building scalable, partnership‑driven platforms in key international healthcare markets.
Top Psychedelic Companies for Week
#1: Helus Pharma
HELUS Pharma (NASDAQ: HELP), formerly known as Cybin, reported third-quarter fiscal year 2026 financial results alongside a major leadership transition, highlighting what it described as a pivotal period for the company’s evolution toward potential commercialization.
For the quarter ending December 31, 2025, Helus reported a cash position of US$195.1 million, before post-quarter adjustments. Net loss widened to US$42.7 million, compared with US$7.5 million in the same period last year. Cash-based operating expenses rose to US$36.7 million, up from US$20 million year over year.
Helus Chief Executive Officer, Michael Cola, said the results demonstrated “continued disciplined execution across Helus Pharma’s clinical and operational priorities.” He added: “We are advancing a differentiated, multi-asset neuroscience portfolio with programs spanning multiple stages of development and indications. With a strong balance sheet, continued progress across our HLP003 Phase 3 and HLP004 Phase 2 programs, and a focus on scalable, repeatable clinical architectures, Helus Pharma is well positioned as we move toward upcoming clinical catalysts and long-term value creation.”
Earlier in the week, the company announced the appointment of Michael Cola as CEO, effective immediately, as it prepares for key data milestones.
Commenting on this appointment, Helus Executive Chairman, Eric So, said Cola brings “a rare combination of deep neuroscience expertise, global commercialization experience, and proven capital markets leadership.” He added that Cola’s track record of building central nervous system franchises and scaling global organizations makes him “uniquely suited to lead Helus” through its next stage.
Moreover, during the earnings call, the company announced that it expects topline data in the first quarter of 2026 from its Phase 2 trial of HLP004 in generalized anxiety disorder, marking a near-term catalyst.
Helus also highlighted the continued expansion of its intellectual property portfolio, with protection around its lead programs expected to extend to at least 2041. Additionally, the company said the recent rebranding to Helus Pharma reflects its transition from a clinical-stage biotech to a potential commercial-stage pharmaceutical company, focused on engineered serotonergic agonists designed for controlled pharmacokinetics and scalability.
#2: Clearmind
Clearmind Medicine Inc. (NASDAQ: CMND) released another set of encouraging safety results from its ongoing Phase I/IIa clinical trial of CMND‑100, which is its proprietary non‑hallucinogenic MEAI‑based oral drug candidate for Alcohol Use Disorder (AUD). The company said the latest topline data from the second patient cohort reinforces the strong safety and tolerability profile first observed earlier in the study.
According to Clearmind, the newly reported findings, which were drawn from six additional patients who recently completed treatment, show no serious adverse events and continued overall good tolerability. These results mirror those of the first cohort and support the rapid advancement of the trial following unanimous approval from the Data and Safety Monitoring Board.
The multinational study, conducted at leading research centers including Johns Hopkins University, Tel Aviv Sourasky Medical Center, and Hadassah Medical Center, is designed to assess safety, tolerability, pharmacokinetics, and early signs of efficacy in patients with moderate to severe AUD. The company noted that the second cohort reached full treatment completion shortly after receiving DSMB clearance, highlighting confidence in CMND‑100’s safety profile.
Clearmind CEO Dr. Adi Zuloff‑Shani emphasized the significance of the consistent results, stating, “These additional topline safety results from the second cohort further validate and reinforce the positive profile we observed in the first cohort. With no serious adverse events emerging and strong tolerability maintained, we are continuing to build compelling evidence for CMND‑100 as a potentially safe, non‑hallucinogenic, not adjunct to psychotherapy, treatment to address the significant unmet needs in alcohol use disorder.”
