Key Takeaways; Cannabis Sector

• Tilray announced plans to exit New Zealand medical cannabis market to focus on Australia
• Village Farms was granted 180-day extension to regain Nasdaq listing requirements
• SNDL launched “Rise Rewards” loyalty program to boost customer experience
• Simply Solventless celebrated profitability at Humble Grow Co., surpassing projections

Key Takeaways; Psychedelic Sector

• Cybin expanded clinical partnerships to accelerate phase 3 trial evaluating CYB003 for depression treatment
• Compass Pathways completed dosing in phase 3 trial of COMP360 for treatment-resistant depression
• MIRA Pharmaceuticals reported promising progress on topical Ketamir-2 for pain relief

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 Medical officially announced its withdrawal from the New Zealand medical cannabis market to sharpen its focus on operations in Australia. The company, which is a division of Canadian-based Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), confirmed that its final day of business in New Zealand will be May 31, 2025.

In a statement to The Post, Tilray emphasized its commitment to a smooth transition for patients, saying, “Our priority is to manage this transition effectively, minimizing any disruption and ensuring Tilray patients in New Zealand have access to necessary treatments during and after the transition period.” The company also confirmed that no Tilray employees would be affected by the strategic decision.

Tilray, which first entered the New Zealand market in 2017 and became one of the country’s initial licensed cannabis producers following legislation in 2020, cited a need to prioritize its growing Australian operations. Recently, Tilray launched its first cannabis edibles in Australia, marking a significant step in its expansion strategy.

According to Tilray’s most recent financial report, the company recorded international cannabis sales of $13.9 million for the quarter ending February 28, 2025. However, it also reported $0.3 million in restructuring charges related to the New Zealand exit.

Despite Tilray’s departure, New Zealand’s medical cannabis market remains resilient. Sally King, executive director of the New Zealand Medical Cannabis Council, reassured patients that alternatives remain available. “Aurora is in the process of really establishing themselves in the New Zealand market,” King told The Post. “It’s a real sign of confidence in the New Zealand market that they want to be here.”

The New Zealand medical cannabis sector has faced challenges, particularly high regulatory costs, which industry insiders suggest make it difficult for companies to thrive. Although a cannabis legalization referendum was held in 2020, it failed to pass, maintaining the country’s strict regulatory environment.

Even as Tilray departs, New Zealand’s cannabis landscape continues to evolve, with 41 active product licenses listed as of March 2025. Additionally, industry watchers expect new players like Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) to strengthen their presence and fill any gaps left behind.

#2: Village Farms

Village Farms International, Inc. (NASDAQ: VFF), a prominent cannabis operator with offices in Vancouver, British Columbia, and Lake Mary, Florida, secured a 180-day extension from Nasdaq to regain compliance with the minimum $1.00 closing bid price necessary to maintain its listing on the Nasdaq Capital Market.

The extension followed the expiration of the company’s initial 180-day grace period on April 16, 2025. Under the new timeline, Village Farms now has until October 13, 2025, to meet Nasdaq’s minimum bid price requirement.

“This notification has no immediate effect on the listing of our common shares,” Village Farms confirmed in an official press release issued on April 21. The company emphasized that its shares would continue to trade on Nasdaq under the ticker symbol VFF during the extended compliance period.

To regain compliance, the company’s shares must close at or above $1.00 for a minimum of 10 consecutive business days. Village Farms stated, “If at any time before October 13, 2025, the bid price closes at or above US$1.00 per share for at least 10 consecutive business days, we expect Nasdaq to confirm compliance.”

This isn’t the first time the company has faced similar challenges. In April 2024, Village Farms successfully regained compliance after a similar warning had been issued in April 2023.

However, if Village Farms fails to meet the minimum bid price by the new deadline, it risks being delisted from the Nasdaq Capital Market. In such a case, the company noted it has the right to appeal the decision through a hearing with a Nasdaq Hearings Panel.

#3: SNDL

SNDL Inc. (NASDAQ: SNDL) officially launched its much-anticipated Rise Rewards loyalty program, aimed at delivering greater savings, benefits, and engagement for Value Buds customers. The program, which went live on April 22, 2025, is now available at all Value Buds locations across Alberta, Ontario, Saskatchewan, and Manitoba.

“Our vision is always focused on the consumer experience, and our Rise Rewards program is an exciting tool to provide even more value for the Value Buds shopper,” said Tyler Robson, President of Cannabis at SNDL. He emphasized, “With exclusive member pricing and a simple points system to earn points with every visit, Rise Rewards is a key enhancement to the Value Buds shopping experience, reinforcing our commitment to affordability and value.”

Rise Rewards allows customers to accumulate points not only through purchases but also by participating in Value Buds’ recycling initiatives, aligning the program with the company’s broader sustainability goals. SNDL plans to use insights gathered from the loyalty program to fine-tune pricing strategies and marketing efforts, aiming to deliver an even more personalized shopping experience.

Looking ahead, SNDL intends to roll out the Rise Rewards across its other retail banners, signaling a broader commitment to customer appreciation and loyalty innovation.

#4: Simply Solventless

Simply Solventless Concentrates Ltd. (TSXV: HASH) announced this week that its recently acquired subsidiary, Humble Grow Co. (formerly Delta 9), had achieved profitability within its first month of post-acquisition operations, which is well ahead of internal forecasts, with initial post-integration results significantly exceeding projections. SSC also confirmed it will release its full audited 2024 financial results on April 30, 2025.

The Calgary-based cannabis processor reported that Humble’s integration, which was completed on February 28, 2025, following the acquisition announcement in December 2024, reduced operating expenses by 40% while maintaining annual production levels of approximately 9,000 kilograms. Additionally, Simply Solventless revealed that demand for Humble’s products remains strong both domestically and internationally.

In its first full month post-acquisition, Humble generated approximately $933,000 in gross revenue, resulting in EBITDA of around $266,000 ($3.2 million annualized). With further cost reductions implemented in April, SSC now anticipates monthly EBITDA to rise to roughly $338,000 ($4.1 million annualized); a 64% increase over the initial $2.5 million annual EBITDA projection made earlier this year.

Jeff Swainson, President and CEO of SSC, praised the team’s performance, stating, “The Humble acquisition is proving to be fruitful, and I would like to thank our talented team… for their incredible efforts in turning the Humble asset into one of our most profitable divisions.” He added, “To say that we are encouraged by these results and the strong potential of this asset moving forward would be an understatement.”

Swainson also highlighted that two years of cultivation data suggest Humble’s production capacity and EBITDA could potentially double with modest capital investment.

Simply Solventless’s track record for integrating acquisitions continues to deliver, with all past acquisitions including the January 2024 acquisition of Lamplighter, the $3.5 million CannMart Inc. acquisition, the October 2024 strategic acquisition of ANC Inc., and now the Humble acquisition, contributing to the company’s profitability. Additionally, SSC is optimistic about the anticipated acquisition of CanadaBis Capital Inc., which is expected to close around May 5, 2025, following a scheduled shareholder meeting on Monday, April 28. This move is expected to further boost profitability through strong operational synergies.

Top Psychedelic Companies for Week

#1: Cybin

Cybin Inc. (NYSE: CYBN) (Cboe CA: CYBN), a clinical-stage neuropsychiatry company, announced this week that it had expanded its strategic partnership agreements (SPAs), bringing the total to 18 clinical sites engaged to support the multinational Phase 3 program, which is evaluating CYB003 for the adjunctive treatment of Major Depressive Disorder (MDD).

The company’s pivotal Phase 3 study, which is named APPROACH, is expected to include approximately 45 clinical sites. The move is part of Cybin’s broader PARADIGM program aimed at revolutionizing depression treatment with next-generation therapies.

Doug Drysdale, Chief Executive Officer of Cybin, emphasized the significance of these partnerships, stating, “This SPA model serves to take advantage of the deep expertise of each individual site and ensure that protocols and best practices are shared consistently. This level of cooperation will streamline trial operations and has the potential to reduce time to completion.”

Additionally, Drysdale highlighted the involvement of key figures such as Dr. Kimball A. Johnson, Medical Director of CenExel iResearch Atlanta, and Dr. Paul Thielking, Chief Scientific Officer of Cedar Clinical Research. “We are especially pleased that Dr. Johnson, who served as the principal investigator for our successful Phase 1/2a CYB003 trial, and Dr. Thielking are participating. Our SPA partners share Cybin’s deep commitment to the highest quality standards of investigational clinical work,” Drysdale added.

The Phase 2 data for CYB003, which is a deuterated psilocybin analog, were promising, showing that two 16 mg doses administered three weeks apart resulted in a 12-month remission from depression symptoms in 71% of patients. With patients dosing already underway in APPROACH, Cybin anticipates launching a second Phase 3 study, EMBRACE, by mid-2025.

#2: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS) announced on Tuesday that all participants had completed dosing in Part A of its pivotal Phase 3 COMP005 trial, which is investigating COMP360 psilocybin for treatment-resistant depression (TRD). The company reported that following a pre-dosing phase that included washouts from existing antidepressant medications where necessary, participants received a single dose of either 25 mg of COMP360 or a placebo.

Kabir Nath, CEO of Compass Pathways, celebrated the milestone, stating, “Completing the dosing of all participants in Part A of our 005 trial marks a critical milestone in our mission to address the pressing unmet need in treatment-resistant depression.” He emphasized the achievement as a reflection of the company’s “commitment to scientific rigor, operational excellence and potential to deliver a new treatment option to patients who have long been underserved.”

The COMP005 trial is a randomized, double-blinded, placebo-controlled study involving 258 participants with moderate-to-severe depression who had not responded to at least two prior treatments. Dosing was conducted across 32 clinical sites in the United States. The primary goal is to assess the efficacy and safety of a single dose of COMP360 compared to placebo in reducing the severity of depressive symptoms.

Moreover, Compass Pathways confirmed it remains on schedule to release top-line results for the 6-week primary endpoint in late June. Nath extended his gratitude to the participants, investigators, and clinical sites, saying, “We are incredibly grateful to the participants, investigators and clinical sites that are making this study possible.”

This development marks a significant step forward in the company’s efforts to bring evidence-based innovation to patients suffering from TRD.

#3: MIRA Pharmaceuticals

MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA), a clinical-stage biotech company specializing in treatments for neurologic and neuropsychiatric disorders, announced encouraging results from in vitro release testing (IVRT) of its topical Ketamir-2 formulation. The company is targeting the expansive $11 billion U.S. topical pain relief market and is exploring the possibility of securing FDA Fast Track designation.

The IVRT study, which was conducted using a validated Franz diffusion cell model, evaluated a 5% ointment formulation of Ketamir-2. Results showed consistent, dose-proportional release across various concentrations, with the active compound remaining stable in a hydrophobic base.

“As we continue expanding the Ketamir-2 program, we remain committed to building long-term shareholder value through strategic innovation and disciplined execution,” stated Erez Aminov, Chairman and CEO of MIRA. “The ability to develop both oral and topical formulations positions us to address a much broader segment of the pain market, offering a clear path for differentiation in a field that urgently needs safer, more targeted treatment options.”

Following the successful IVRT results, MIRA is advancing preclinical studies to assess the topical formulation’s effectiveness in models of inflammatory and neuropathic pain. These studies aim to further inform the company’s clinical development strategies.

“We are encouraged by the consistency of the release profile under controlled conditions,” added Dr. Itzchak Angel, Chief Scientific Advisor at MIRA. “Our focus now shifts to evaluating pharmacological effects in preclinical models. We expect Ketamir-2 to potentially surpass ketamine in treating localized pain such as neuropathic pain, diabetic neuropathy, postherpetic neuralgia, and musculoskeletal pain, while also reducing inflammation and central sensitization.”

MIRA’s latest advancements strengthen its position in the evolving pain management market, as it moves closer to offering innovative solutions for patients in need of more effective and safer treatments.