Week In Review: Cronos Expands Medical Cannabis Presence in Switzerland; Cybin Secures Up to US $500 Million via Convertible Debentures to Fuel Clinical Growth; iAnthus Reports Unanimous Approval at Annual General Meeting; Mike Tyson Urges Trump to Act on Cannabis Reform

LOS ANGELES — Welcome to the far too-exciting world of cannabis and psychedelics, where it’s a tale of two markets with some states doing amazingly well. And some, well…they’re not doing so well (hello New York). Let’s get to it! 

Cannabis Industry Highlights

1#) Cronos Expands Medical Cannabis Presence in Switzerland: Cronos Group Inc. has entered the Swiss medical cannabis market through a partnership with Dascoli Pharma AG, a Zurich-based pharmaceutical distributor. The deal enables Dascoli to supply five varieties of the company’s PEACE NATURALS branded cannabis flower to patients via its established network of pharmacies and clinics.

2#) Cybin Secures Up to US $500 Million via Convertible Debentures to Fuel Clinical Growth: Cybin Inc. has entered into a securities purchase agreement with High Trail Special Situations LLC to raise up to US $500 million through unsecured convertible debentures, aiming to strengthen its position in neuropsychiatric therapeutics and support its lead programs, CYB003 and CYB004. The first tranche of US $50 million closed on June 30, 2025, with an additional US $450 million available in future tranches upon mutual agreement. The debentures carry a two‑year term at a prepaid 5.5 % annual interest rate—rising to 18 % upon event of default—and can convert to common shares at a 30 % premium over market price. The financing was arranged by Joseph Gunnar & Co., LLC.

3#)iAnthus Reports Unanimous Approval at Annual General Meeting: iAnthus Capital Holdings, a multi-state operator in licensed cannabis cultivation, processing, and retail, announced that its shareholders unanimously approved all items at the Annual General Meeting held on June 26, 2025. The approved resolutions included the election of Scott Cohen, Michelle Mathews‑Spradlin, Kenneth W. Gilbert, Alexander Shoghi, and Richard Proud as directors, along with the appointment of PKF O’Connor Davies, LLP as the company’s audit firm.

4#)Mike Tyson Urges Trump to Act on Cannabis Reform: Boxing legend Mike Tyson, alongside athletes including Kevin Durant and Dez Bryant, has urged former President Donald Trump to pursue federal cannabis reform after accusing President Joe Biden of failing to deliver on earlier promises. Tyson described cannabis as a “medicine” essential to his well‑being and criticized its Schedule I classification as “just ridiculous,” drawing a sharp distinction between cannabis and substances such as heroin. In a letter from the “Coalition of Athletes and Entertainers Supporting President Trump’s Policy Objectives,” the group called for clemency for nonviolent cannabis offenses, rescheduling of the substance to Schedule III, and removal of banking barriers that currently prevent over 500,000 cannabis businesses from accessing financial services.

5#)AYR Wellness Delays Q1 2025 Filing: AYR Wellness Inc. a vertically integrated multi-state cannabis operator in the U.S., has reported a delay in filing its interim financial statements, MD&A, and related CEO/CFO certification for the quarter ended March 31, 2025. The postponement stems from ongoing negotiations with creditors and assessments of accounting classifications for debt obligations being discussed with an ad hoc committee of senior lenders.

6#)California Lawmakers Omit Cannabis Tax Relief from 2025 Budget: California legislators did not include a freeze on the planned cannabis excise tax increase in the state’s 2025–26 budget, declining last-minute proposals to maintain the current 15% rate. The absence of this relief ensures the scheduled rise to 19% will take effect on July 1, 2025. This decision follows negotiations in which Governor Gavin Newsom and Assembly Speaker Robert Rivas supported intervention, but Senate leadership ultimately blocked the amendment from the budget trailer bill.

7#) Thai Cannabis Stores Face Uncertainty as Government Tightens Sales Regulations: Thailand’s government has introduced a new order—published in the Royal Gazette on June 26, 2025—mandating that cannabis can now only be sold with a valid medical prescription from licensed practitioners. Cannabis buds have been reclassified as controlled herbal medicine, and sales without prescriptions are subject to potential penalties including up to one year in jail and a 20,000‑baht fine.

8#) Kentucky Nears Operational Start for Medical Cannabis Dispensaries: Kentucky is approaching the launch of medical cannabis sales as state regulators complete final preparations for the opening of licensed dispensaries. Although the state’s medical cannabis law took effect on January 1, 2025, retail access remains unavailable. Governor Andy Beshear recently indicated that dispensaries could begin operations by late 2025, with regulators currently reviewing sites and issuing operating certificates.

9#) IM Cannabis Proposes $50 Million Mixed Securities Shelf to Bolster Funding: IM Cannabis Corp. a Canada-based medical cannabis provider operating in Israel and Germany, has filed a registration statement for a mixed securities shelf worth up to USD 50 million. The filing, submitted June 26 to the U.S. Securities and Exchange Commission, enables the company to issue common shares, preferred shares, debt securities, warrants, or units as market conditions warrant.

Psychedelic Sector Update

1#) Atai and Beckley Psytech Report Positive Phase 2b Results for BPL‑003: Atai Life Sciences and Beckley Psytech have announced positive topline results from their Phase 2b clinical trial of BPL‑003, an intranasal formulation of mebufotenin benzoate, in patients with treatment‑resistant depression (TRD). The multicenter, randomized, quadruple‑masked study involved 193 patients across six countries and met its primary endpoint: a single dose (8 mg or 12 mg) produced statistically significant and clinically meaningful reductions in depressive symptoms on the MADRS scale by Day 29 compared to a low-dose control (0.3 mg). Both doses demonstrated rapid onset—improvements detected 24 hours after dosing—and sustained effects up to the eight‑week endpoint. The safety profile was favorable, with 99% of treatment‑emergent adverse events classified as mild or moderate and no serious drug‑related or suicide‑related events reported. Additionally, most patients were cleared for discharge within 90 minutes post‑dose, aligning with in‑clinic treatment models such as Janssen’s Spravato

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