Weekly Roundup on the Cannabis Sector & Psychedelic Sector

ME Staff

Mon, February 23, 2026 at 9:43 AM GMT+9 9 min read

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Key Takeaways; Cannabis Sector

**Organigram** Secured C$65.2 Million Strategic Investment from **British American Tobacco** After the Company Agreed to Acquire **Sanity Group**

**Canopy Growth** Secured Shareholder Backing for **MTL Cannabis** Acquisition

**Green Thumb** Expanded Credit Facility with Additional $50 Million

Key Takeaways; Psychedelic Sector

**Enveric** Reported New EB‑003 Data Highlighting Non-Hallucinogenic Neuroplastogen Strategy

**Compass Pathways** Reported Positive Phase 3 Results for COMP360 and Priced a $150 Million Offering

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: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) announced a transformative move into Europe with the proposed acquisition of Berlin-based Sanity Group GmbH, alongside a C$65.2 million private placement investment from British American Tobacco p.l.c. (NYSE: BTI) to help finance the deal.

On Wednesday, February 18, the company announced that it had entered into a definitive agreement with Sanity Group. Under the agreement, Organigram will acquire all outstanding shares of Sanity it does not already own for upfront consideration of €113.4 million, consisting of €80 million in cash and €33.4 million in Organigram shares. Furthermore, an additional earnout of up to €113.8 million is tied to Sanity’s financial performance over the 12 months following closing, bringing the total potential valuation to €250 million.

James Yamanaka, CEO of Organigram, described the transaction as a turning point: “This transformational acquisition will bring together two market leaders, extend our commercial footprint into Europe, and strengthen our competitive edge in the world’s largest federally legal cannabis markets.”

Sanity Group has rapidly scaled its operations in Germany, growing annual net revenue from €9 million in 2023 to €60 million in 2025, with €19 million generated in the in the last quarter of calendar 2025. The company operates across medical cannabis, wellbeing products and recreational pilot projects, including Europe’s first two legal cannabis specialty stores in Switzerland. It also plans expansion into the UK, Poland and Czechia.

Commenting on the deal, Finn Age Hänsel, CEO and co-founder of Sanity Group, said: “Together, we are poised to unlock significant growth opportunities, especially as new European markets open to both medical and recreational cannabis programs.” He added that Organigram’s expertise in cultivation, manufacturing and R&D “will be vital as we collectively shape the rapidly expanding global cannabis landscape.”

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To fund the cash portion of the acquisition, Organigram announced on February 19, it had entered into a subscription agreement with British American Tobacco (BAT) subsidiary, BT DE Investments Inc. According to the agreement, BAT will subscribe for 14,027,074 shares at C$3.00 per share and exercise top-up rights for 9,897,356 shares at C$2.335854 per share, for total gross proceeds of C$65.2 million.

According to Organigram, this investment, combined with cash on hand and a fully underwritten senior secured credit facility of up to $60 million arranged by ATB Financial, will finance the acquisition and related expenses.

The transaction remains subject to shareholder approval at the company’s annual and special meeting scheduled for March 30, 2026, as well as regulatory clearances in Canada and Germany. If completed in the second quarter of 2026 as expected, the deal would position Organigram as a global pure-play cannabis company with leadership positions in Canada and Germany, which are the world’s two largest federally legal cannabis markets.

#2: Canopy Growth

**Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) **moved a major step closer to completing its planned acquisition of **MTL Cannabis Corp. (CSE: MTLC) (OTCQX: MTLNF) **after MTL announced that its shareholders voted almost unanimously in favor of the deal at a special meeting held on February 17, 2026.

According to MTL Cannabis, 99.97% of all votes cast supported the plan of arrangement that will see Canopy Growth acquire all outstanding MTL shares. MTL also reported that when excluding votes required under minority‑protection rules, approval remained exceptionally strong at 99.80%. Moreover, MTL stated that roughly 89% of eligible shareholders participated, signaling broad confidence in the transaction.

Canopy Growth CEO Luc Mongeau called the vote a defining moment for both companies. “The strong shareholder support received today marks a significant milestone toward completing this strategically compelling combination,” he said. “By combining MTL’s cultivation capabilities with our scale, we’re creating a more robust and competitive platform for long‑term success.”

The companies expect to receive a final order from the Supreme Court of British Columbia following a hearing scheduled for February 23, 2026. If all remaining conditions are met, the acquisition is projected to close before the end of March.

Canopy Growth says the deal will position it as Canada’s leading medical cannabis provider, after integrating MTL’s patient network, Canada House Clinics, and the Abba Medix online medical platform. The acquisition will also expand Canopy’s footprint in Québec through the addition of two indoor cultivation facilities.

The transaction is also expected to enhance Canopy’s supply chain for both domestic and international markets, particularly Europe, by incorporating MTL’s cultivation and post‑harvest infrastructure.

#3: Green Thumb

**Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) **strengthened its financial position this week by adding another $50 million to its existing syndicated credit facility, bringing the total to $189 million. The cannabis consumer packaged goods company, which operates the RISE Dispensaries chain, secured the expansion through Valley National Bank at what it called an “industry‑leading” rate of Secured Overnight Financing Rate (SOFR) **+ **500 basis points.

In announcing the deal, Founder and CEO Ben Kovler emphasized the long‑term value of the financing. “Adding $50 million to our balance sheet at a low rate should be good for our shareholders long term,” he said, adding that Valley National Bank’s support reflects “confidence in our business model and capital stewardship.”

The five‑year facility will mature on September 11, 2029, and the company noted that no equity was issued as part of the transaction. Green Thumb plans to use the new capital for general corporate purposes, strategic investments, and working‑capital needs.

Headquartered in Chicago, Green Thumb operates more than 100 retail stores and 20 manufacturing facilities across 14 U.S. markets. Its portfolio includes well‑known cannabis brands such as RYTHM, Dogwalkers, incredibles, Beboe, and Good Green. The company says its mission is to promote well‑being through cannabis while supporting the communities it serves.

Top Psychedelic Companies for Week

#1: Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB) released new mechanistic findings indicating that its lead neuroplastogenic candidate, EB‑003, activates both Gq and β‑arrestin signaling pathways downstream of the 5-HT₂A receptor, which are mechanisms that independent studies have associated with antidepressant and anxiolytic effects.

The company reported that it had developed proprietary bioluminescence resonance energy transfer (BRET) assays to generate the data after determining that commercial tools could not reliably measure pathway‑specific 5-HT₂A activity. According to Enveric, the assays confirmed “biologically relevant engagement” of both pathways, with EB‑003 showing a modest bias toward β‑arrestin relative to serotonin.

Enveric CEO, Joseph Tucker, said the results reinforce the scientific rationale behind the company’s platform. “Our proprietary BRET assay data show that EB‑003 engages signaling pathways that prior peer‑reviewed studies have linked to antidepressant‑ and anxiolytic‑like effects in preclinical models,” he stated.

The announcement comes after a new recent Nature study reported that hallucinogenic effects in experimental models appear to arise from Gi‑mediated 5-HT₂A signaling, while Gq signaling drives therapeutic‑like benefits. Dr. Tucker noted that these findings align with Enveric’s strategy: “Independent academic research further suggests that hallucinogenic effects may arise from a distinct Gi‑mediated mechanism. Those findings are consistent with our strategy of designing non‑hallucinogenic neuroplastogens intended to deliver therapeutic benefit without the safety, monitoring, and scalability constraints associated with psychedelic compounds.”

Enveric is plans additional BRET testing to further characterize EB‑003, including evaluation of the Gi pathway. The compound is being developed as a non‑hallucinogenic neuroplastogen suitable for streamlined treatment models, potentially including at‑home use. EB‑003 is currently progressing through IND‑enabling studies.

#2: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS) announced a major clinical milestone for its investigational psilocybin therapy COMP360, alongside a $150 million public offering to support late-stage development and commercialization efforts.

On Tuesday, February 17, the company revealed that its second pivotal Phase 3 trial, COMP006, met its primary endpoint in treatment-resistant depression (TRD), confirming highly statistically significant and clinically meaningful reductions in depressive symptoms.

Kabir Nath, Chief Executive Officer at Compass Pathways, said: “Across three robust, well-designed and well-executed clinical trials involving more than 1,000 participants, we have now demonstrated consistent, highly statistically significant results at the primary endpoint and a clinically meaningful effect. This is a remarkable achievement for the field of psychiatry – especially in the TRD population, where proving benefit has historically been extraordinarily challenging.”

The company’s Chief Medical Officer, Dr. Guy Goodwin, also highlighted the therapy’s rapid and durable profile: “These results redefine rapidity and durability for TRD patients with onset as early as the next day and, for those who respond, effects from just one or two doses lasted at least through 26 weeks, alongside a well-tolerated safety profile.”

Safety data from both studies showed COMP360 to be generally well tolerated. According to the company, most treatment-emergent adverse events were mild or moderate and resolved within 24 hours.

With two positive Phase 3 trials completed, Compass reported that it had requested a meeting with the U.S. Food and Drug Administration to discuss a rolling New Drug Application (NDA) submission and expects to complete filing in the fourth quarter of 2026.

In parallel with the clinical update; On Thursday, February 19, the company announced the pricing of a public offering of 17.5 million American Depositary Shares at $8.00 per share, along with pre-funded warrants for 1.25 million additional ADSs. The gross proceeds are expected to total $150 million, before expenses. Compass also granted underwriters a 30-day option to purchase up to an additional 2.8 million ADSs.

The company said it intends to use the net proceeds, together with existing cash reserves, to fund its ongoing Phase 3 COMP005 and COMP006 trials, advance its Phase 2b/3 study of COMP360 in post-traumatic stress disorder, accelerate commercial readiness activities, and for general corporate purposes.

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