💸 The Tape

GH Research PLC (Nasdaq: GHRS) just unveiled blockbuster results from a Phase 2b clinical trial of GH001, an inhalable mebufotenin (5-MeO-DMT) therapy for treatment-resistant depression (TRD). The study’s 81 patients saw a jaw-dropping placebo-adjusted drop of 15.5 points on the MADRS scale by Day 8—an ultra-rapid effect that dwarfs many existing TRD treatments.

All secondary endpoints also swung in GH001’s favor, with clinically meaningful improvements noted on the CGI-S, HAM-A, and Q-LES-Q-SF scales. Crucially, the safety data spark no alarm bells: zero serious adverse events and no sedation or dissociative symptoms upon discharge. A significant 97.4% of patients were ready to leave within an hour of their final dose.

Early numbers from the ongoing open-label extension (OLE) look even more encouraging. Of the patients who achieved remission on Day 8, nearly 92% stayed in remission at the six-month mark—requiring only short, infrequent visits. GH Research CEO Dr. Villy Valcheva calls this a milestone toward “interventional psychiatry,” touting GH001’s unique, highly efficient treatment profile.

With promising data showing a sustained lift in mood among one of the toughest patient groups, GH Research appears poised for a potential breakthrough.

They went straight to the capital markets right after the annoucement

📈 Dog Walkers

Village Farms Is Open For Business In The Netherlands

Village Farms International Inc. (NASDAQ: VFF) commenced orders and deliveries in the Netherlands through its wholly-owned Leli Holland subsidiary, fulfilling an earlier promise to begin sales in early 2025. Leli holds one of 10 licenses to produce and distribute recreational cannabis, harvested its first batch in December, and will supply coffeeshops from February 7. With the Dutch market’s zero-tax approach and strong demand, CEO Michael DeGiglio sees enormous growth potential, especially next to Canada’s stricter pricing environment. Operations in Drachten should fully ramp by Q2 2025, setting the stage for global cannabis success. We can expect more expansions in future.

Safe Harbor Addresses Debt

Safe Harbor Financial (Nasdaq: SHFS), a fintech heavyweight in cannabis-focused financial services, just struck a deal with Partner Colorado Credit Union (PCCU) to pause February and March principal payments on their Senior Secured Promissory Note. The short-term breather, worth around $510,000 in liquidity, could pave the way for a longer-term revamp of the Note. While no guarantees exist, co-CEO Terry Mendez highlights this as proof of a solid partnership, hinting at a potentially bigger pivot to grow Safe Harbor’s services. The move aims to bolster liquidity and keep the company’s balance sheet healthy during these strategic talks.

AYR CFO Resigns

AYR Wellness, a prominent cannabis operator, announced the resignation of CFO Brad Asher, who’s leaving to pursue another opportunity. His departure will become official once AYR files its 2024 annual financials. Interim CEO Steven Cohen praised Asher for helping “build AYR since its earliest days,” while board chairman Louis Karger noted Asher’s integral role. Despite the leadership shift, AYR states it’s well-positioned for the future and will soon update stakeholders on the CFO search.

Curaleaf Launches Premium In FL

Curaleaf Holdings (TSX: CURA, OTCQX: CURLF) just launched Reef, a Florida-centric cannabis flower line designed for tropical vibes and tasty flavor profiles. Now stocked in Curaleaf’s 66 Sunshine State dispensaries, Reef offers sativa, indica, and hybrid strains with citrusy, fruity flair. CEO Boris Jordan calls Reef a “uniquely Florida” experience, perfect for patients seeking premium product variety. This new brand underscores Curaleaf’s commitment to Florida’s high-performing medical cannabis market, reflecting its strategic expansion and focus on satisfying consumer demand for quality flower.

🗞️ The News

New Florida Marijuana Initiative Faces ‘Big Time Trouble’ In Supreme Court, DeSantis Says, Predicting It’ll Be Blocked From 2026 Ballot

Retail marijuana sales bill passes in Virginia Senate

Village Farms International Commences Sales at Leli Holland Subsidiary in Netherlands

📺 YouTube

Cannabis Stock Ayr Wellness President Explains Future Plans | Trade to Black

What we covered:

✅ On our latest Trade To Black podcast at 4 pm EST, newly appointed President of Ayr Wellness (OTC: AYRWF), George DeNardo, will join us to discuss the direction of the company in 2025.

Ayr Wellness announced the dismissal of CEO David Goebert back in November 2024. Since then, it has remained unclear who would lead the multi-state operating cannabis company in 2025.

Like most cannabis stocks in the industry, Ayr Wellness saw its share price tumble after Amendment 3 failed in Florida on Election Night, dropping over 60%. The company was hoping that adult-use marijuana would have passed in Florida, especially considering their investment in a 145,000-square-foot state-of-the-art cultivation facility in Ocala, Florida, announced back in June 2024.