Week In Review: The Cannabist Company Receives Court Approval for Corporate Restructuring Plan; Texas Republicans Approve Total Ban on Hemp-Derived THC Products; MariMed Reports Q1 2025 Financial Results

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#)The Cannabist Company Receives Court Approval for Corporate Restructuring Plan: The Cannabist Company Holdings Inc. a U.S.-based cannabis cultivator, manufacturer, and retailer, has obtained final approval from the Ontario Superior Court of Justice (Commercial List) for its previously announced Plan of Arrangement under Section 192 of the Canada Business Corporations Act. This court approval marks a significant step in the company’s efforts to restructure its corporate framework.

2#)Texas Republicans Approve Total Ban on Hemp-Derived THC Products: In a sweeping move that could reshape Texas’ booming hemp industry, the state House of Representatives has passed an amended version of Senate Bill 3 that bans all hemp products containing any form or amount of THC—including widely available Delta-8 and Delta-10 products.

3#)MariMed Reports Q1 2025 Financial Results: MariMed Inc. a multi-state cannabis operator, reported its financial results for the first quarter ended March 31, 2025.

4#)Tilray Medical Introduces Good Supply Cannabis Brand to German Market: Tilray Medical, a division of Tilray Brands Inc has launched its Canadian cannabis brand, Good Supply, in Germany. This expansion aims to provide German medical cannabis patients with access to a range of whole flower products.

5#)Minnesota Legislature Advances Cannabis Market Framework to Governor: Minnesota lawmakers have passed a comprehensive bill aimed at refining the state’s adult-use cannabis program, forwarding it to Governor Tim Walz for approval. The legislation, known as SF 2370, seeks to address regulatory challenges and expedite the establishment of a legal cannabis marketplace following the state’s legalization of adult-use cannabis in 2023.

6#)Rubicon Organics Appoints Glen Ibbott as Interim CFO: Rubicon Organics Inc.  a Canadian producer of certified organic cannabis products, has appointed Glen Ibbott as Interim Chief Financial Officer, effective May 15, 2025. This leadership change follows the departure of Janis Risbin from her full-time role; she will remain in an advisory capacity during the transition period.

7#)Legalization Significantly Reduces Canada’s Illicit Cannabis Market: Recent analyses indicate that Canada’s legalization of non-medical cannabis in 2018 has substantially shifted consumer spending from illicit to legal markets. Studies report that within five years of legalization, approximately 75% of cannabis expenditures transitioned to the legal sector, underscoring the policy’s effectiveness in curbing unregulated sales.

8#)Canada’s Legal Cannabis Market Forecasted to Reach $5.79 Billion by 2030: Canada’s legal cannabis industry is projected to expand significantly over the next five years, with market size estimates reaching USD 5.79 billion by 2030, up from USD 3.25 billion in 2024. This growth represents a compound annual growth rate (CAGR) of approximately 12% from 2025 to 2030.

Psychedelic Sector Update

1#) DEA Grants Import Permit for Psilocybin Truffles to Red Light Holland and Irvine Labs: Red Light Holland Corp, an Ontario-based producer of psilocybin truffles, announced that its U.S. partner, Irvine Labs, has received a Controlled Substances Import Permit from the Drug Enforcement Administration (DEA). This authorization allows the importation of 3 kilograms of raw psilocybin truffles from the company’s facility in Horst, Netherlands, to Irvine Labs’ FDA-compliant and DEA-registered facility in California.

To have all our content delivered right to your inbox, and never miss a beat, subscribe to our newsletter at highlycapitalized.com  Stay tuned to Highly Capitalized for more updates as the cannabis and psychedelic industries continue to shape the future at the intersection of wellness and innovation. Subscribe to our newsletter and follow us on LinkedIn.