Key Takeaways; Cannabis Sector

• Curaleaf Challenged Aurora's Rejection of $5-Per-Share Takeover Bid
• Decibel Cannabis Responded to Canadian Investment Firm, Ewing Morris's, $5 Million Share Purchase Offer

Key Takeaways; Psychedelic Sector

• Optimi Health Completed MDMA Production for Canadian PTSD Trial and International Supply
• Helus Pharma is Advancing Depression and Anxiety Drug Programs, as the Company Eyes Key 2026 Data Readout
• Rhelion's Subsidiary Filament Health to Supply Psilocybin for Belgian Compassionate Use Program

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: Curaleaf

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) challenged Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) latest recommendation that shareholders reject its enhanced$5-per-share takeover offer, accusing Aurora's board of obstructing the bid by denying Curaleaf access to confidential company information while allowing other potential buyers to conduct due diligence.

In a press release dated October 19, 2026, the Stamford, Connecticut-based cannabis company argued that Aurora's approach undermines its stated commitment to maximizing shareholder value. Curaleaf said it remains the only bidder with a binding offer, despite Aurora entering into confidentiality and standstill agreements with other parties examining its financial and operational information.

"Aurora’s Board has a fiduciary duty to shareholders, which requires it not to take illogical steps to keep the highest bidder out of the room," said Curaleaf Chairman and CEO, Boris Jordan. He called on Aurora to engage constructively, arguing that shareholders deserve a transparent assessment of the proposal.

Curaleaf maintained that its enhanced offer represents an 86% premium to Aurora's unaffected 30-day volume-weighted average share price, rising to 217% when Aurora's cash and cash equivalents are excluded from the valuation. The company also questioned Aurora's argument that the offer undervalues its business, pointing to previous share issuances under Aurora's at-the-market program at prices as low as $2.60 in July 2026.

The company further disputed Aurora's concerns about Curaleaf's valuation, deal conditions and projected synergies. Curaleaf argued that its lack of access to Aurora's confidential information has limited its ability to substantiate potential cost savings, while other prospective buyers have been granted due diligence access. It also challenged the independence of Aurora's financial adviser, citing disclosed fees that may depend on whether an alternative transaction is completed.

Aurora has maintained that Curaleaf's revised hostile bid is inadequate and has been exploring alternatives, including interest from other potential buyers. Curaleaf, however, questioned why Aurora would consider competing proposals under the same market conditions it uses to characterize Curaleaf's offer as opportunistic.

Despite the ongoing dispute, Curaleaf said it remains ready to begin immediate discussions and participate in a constructive due diligence process. The outcome now hinges on whether Aurora's board will reconsider its position or continue pursuing alternatives to the proposed acquisition.

#2: Decibel Cannabis

Decibel Cannabis Company Inc. (TSXV: DB) (OTC: DBCCF) clarified the terms of an unsolicited $5 million cash offer from Canadian investment firm Ewing Morris & Co. Investment Partners, emphasizing that the proposal involves purchasing existing shares directly from shareholders rather than acquiring the cannabis producer.

In a press release dated October 21, 2026, Decibel confirmed that Ewing Morris is offering $1.91 per share for up to 2,617,801 common shares, representing approximately 6.8% of the company's outstanding shares. The offer price represents a 16.4% premium to Decibel's 20-day volume-weighted average share price and a 19.4% premium to its October 16 closing price of $1.60.

Decibel stressed that it is not a party to the transaction, will receive no proceeds and will not issue new shares. Consequently, the proposal would not dilute existing shareholders' ownership. The offer is conditional on, among other requirements, at least 1,745,200 shares being deposited and is scheduled to expire at 5 p.m. Eastern Time on November 6, 2026, unless extended, amended or withdrawn.

Decibel Executive Chair, Shawn Dym, welcomed the investment firm's interest, describing the offer as a positive signal for the business and the wider cannabis industry. "The arrival of thoughtful long-term investors is a meaningful signal," Dym said, adding that limited trading liquidity had made it difficult for some shareholders to sell their holdings. He emphasized that participation remains an individual decision and that the company's focus on long-term shareholder value is unchanged.

Decibel also confirmed that its management team and board of directors do not intend to tender their shares under the offer, reaffirming their commitment as long-term investors. However, the company did not recommend whether shareholders should accept or reject the proposal, advising them to consider their individual financial circumstances, tax positions and investment objectives.

The offer comes as Decibel continues to develop its domestic and international cannabis businesses through brands including Qwest, General Admission and Standard Issue. The company operates cultivation and processing facilities in Saskatchewan, Alberta and Ontario, with international medical cannabis exports forming an important part of its growth strategy.

Ewing Morris has cited Decibel's historical share-price decline and limited trading activity as factors behind its proposal, arguing that a substantial investment could provide greater stability for the shareholder base. With the November 6 deadline approaching, shareholders can choose to tender their shares, retain their investments or sell through the TSX Venture Exchange, subject to prevailing market prices and the offer terms.

Top Psychedelic Companies for Week

#1: Optimi Health

Optimi Health Corp. (NASDAQ: OPTH) announced it had completed production for a new batch of MDMA capsules intended to support a proposed Phase 3 clinical trial for post-traumatic stress disorder (PTSD) in Canada, a clinical trial in Israel and commercial supply to Australia. The company said that the capsules were manufactured at its Good Manufacturing Practice (GMP) facility in Princeton, British Columbia, under its Health Canada Drug Establishment Licence.

According to the Optimi, the proposed Canadian Phase 3 trial is expected to enrol up to 100 veterans and current or former frontline workers across multiple sites. Participants would receive two supervised sessions combining synthetic MDMA and psychotherapy, followed by evaluations assessing treatment outcomes. The study is expected to begin in 2027, with changes in PTSD severity measured using the Clinician-Administered PTSD Scale (CAPS-5).

Optimi also stated that it plans to ship its next commercial MDMA supply to Australia before the end of 2026. Under Australia's Authorised Prescriber Scheme, eligible clinicians can prescribe MDMA-assisted therapy to patients with PTSD, with reimbursement available through several public and private payers. The company said more than 750 clinicians have completed Mind Medicine Australia's training certificate in psychedelic-assisted therapies. Optimi added that it was not aware of any reported serious adverse events among patients since commercial supply began in 2024.

Furthermore, the latest production batch will also support MAPS Israel's Healing October 7th project, which includes a PTSD clinical trial approved by Israel's Ministry of Health. Optimi previously announced its involvement in supplying MDMA capsules for the initiative.

"Veterans in Australia can already access MDMA-assisted therapy through their own government. Veterans in Canada cannot," said Dane Stevens, Optimi's chief executive officer and co-founder. He added that the proposed Canadian trial aims to help address this difference in access, noting that the medicine intended for the study has already been manufactured.

#2: Helus Pharma

HELUS Pharma (NASDAQ: HELP) (Cboe CA: HELP) outlined progress across its two lead drug development programs, HLP003 and HLP004, during an investor presentation on October 21. The company reaffirmed that topline results from its Phase 3 APPROACH study of HLP003 for the potential adjunctive treatment of major depressive disorder (MDD) remain on track for the fourth quarter of 2026.

Helus reported that the APPROACH study completed enrolment of 223 participants in July, while recruitment continues for EMBRACE, which is the second pivotal Phase 3 trial of HLP003. According to the company, eligible participants from both studies may enter EXTEND, a long-term extension study designed to assess safety, the durability of treatment effects and the potential role of redosing. HLP003 has already received Breakthrough Therapy Designation from the US Food and Drug Administration (FDA), and Helus expects to file a New Drug Application in 2028.

The company also provided details of its next Phase 2 study of HLP004 as a potential standalone treatment for generalized anxiety disorder (GAD), with initiation expected in the first quarter of 2027. Helus stated that the trial is planned to enrol approximately 144 adults, randomly assigned to receive either two 30-milligram administrations of HLP004 or a placebo. Researchers will assess changes in anxiety symptoms at six and 12 weeks.

Helus said it is pursuing the monotherapy approach amid limited approved treatment options for GAD, noting that approximately half of patients do not respond to initial therapy. The company said its selection of the 30-milligram dose was supported by evidence reviewed during the presentation by Chief Medical Officer Amir Inamdar.

"The continued advancement of our two lead candidates represents an important period for Helus Pharma, with several key catalysts anticipated in the near term," said Helus Chief Executive Officer, Michael Halstead. He added that the company remains focused on meeting development milestones and progressing its candidates towards regulatory approval and potential commercialization.

#3: Rhelion

Rhelion Life Sciences Corp. (CSE: RHEL) (OTCQB: TRUFF) announced on October 16 that its wholly owned subsidiary, Filament Health, had signed a supply and licensing agreement with Belgian non-profit Epsylon ASBL to provide its PEX010 botanical psilocybin drug candidate for a proposed compassionate use program targeting treatment-resistant depression.

The program aims to give eligible patients access to psilocybin treatment outside clinical trials, subject to approval by Belgium's Federal Agency for Medicines and Health Products. Psilocybin is currently available in Belgium only through clinical trials, while the country's compassionate use framework allows access to unauthorized medicines for serious conditions when satisfactory authorized treatments are unavailable.

Rhelion said that the initiative will be led by Dr. Daniel Souery at Epsylon, who is responsible for applying for approval and conducting the program. Additionally, The Psychedelic Society Belgium is supporting the initiative with expertise in psychedelic-assisted therapy, although it has no financial or commercial relationship with Rhelion or Filament.

"Access to psilocybin treatment is growing across Europe, and Belgium is now part of that shift," said Rhelion CEO, Todd Shapiro. He added that the company hopes such programs will demonstrate how patients with serious unmet medical needs can gain safe, regulated access to natural psilocybin.

PEX010, is Filament's patented, standardized, pharmaceutical-grade botanical psilocybin candidate, manufactured under Good Manufacturing Practice standards. The company says the product supports more than 80 academic and philanthropic research studies worldwide and is available in several standardized dosage strengths.

Rhelion's acquisition of Filament Health, which was completed on April 30, 2026, brought PEX010 and Filament's intellectual property portfolio into the company. Formerly known as Red Light Holland, Rhelion adopted its current name and began trading under the RHEL ticker on the Canadian Securities Exchange in August 2026.

If approved, the Belgian program could create a new pathway for eligible patients with treatment-resistant depression to access psilocybin outside a clinical trial.

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