Weekly Roundup on the Cannabis Sector & Psychedelic Sector

In This Article:

Key Takeaways; Cannabis Sector

  • Tilray launched first commercial cannabis flower grown in Germany

  • Ayr Wellness missed Q3 estimates amid rising competition and consumer pressure

  • SNDL announced the renewal of the CA$100 million share repurchase program

  • Ascend Wellness is focusing on cost savings measures amid mounting losses in Q3 2024

Key Takeaways; Psychedelic Sector

  • GH Research reported widening losses amid rising clinical trial costs

  • Enveric Biosciences secured a $62M licensing deal for psilocin prodrug

  • Atai reported $26M loss in Q3, despite making advances in their psychedelic drug development

  • Awakn is pioneering therapeutics for trauma and addiction

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 Week

#1: Tilray

Aphria RX, a subsidiary of Tilray Medical, a division of Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), launched its first commercial medical cannabis flower, cultivated at its facility in Neumünster, Germany. This marked a significant milestone for Tilray as it expands its medical cannabis operations under Germany’s newly implemented Medicinal Cannabis Act (MedCanG).

In July 2024, Tilray’s Aphria RX became the first company to receive a cultivation license under MedCanG, allowing them to produce and manufacture medical cannabis for commercial sale in Germany. The newly launched strains, which were selected from top-performing varieties popular in Canada, are grown in an indoor facility with the aim of meeting the needs of medical cannabis patients.

Denise Faltischek, Tilray’s Chief Strategy Officer and Head of International, expressed pride in the achievement, saying, “We are excited to launch our Made in Germany premium cannabis products, which marks a significant milestone in our mission to deliver the highest-quality medical cannabis products to patients in Germany.”

This development solidifies Tilray’s leadership in medical cannabis cultivation and distribution within Germany, a market where recent regulatory changes have reshaped the cannabis landscape. The new law, which has been in effect from April 1, 2024, legalized the possession of up to 25 grams of cannabis for adults and permitted the establishment of cannabis clubs, further supporting the expansion of the industry.

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