As the summer rolls on and the news cycle begins to settle, we’re taking stock of all the company developments that have taken place over the last few weeks, marking one of the busiest periods in the sector’s recent history.
In this edition of ‘Beyond the Ticker’, we’ll be diving into the pharmaceutical cannabis sector, which appears to be entering a new phase of maturity, seeing a flurry of scientific and clinical trial progress so far this year.
While companies breaking into the space continue to live in the shadow of Jazz Pharmaceuticals, it’s now abundantly clear that its once-uncontested position in cannabis pharmaceuticals is facing meaningful competition from a new generation of biotech firms.
Amid rising global scrutiny of the wider medical cannabis prescription model, and with markets like France leaning into pharmaceutical-grade regulation, the pharma cannabis sector is shaping up to be one of the most dynamic and closely watched corners of the industry.
UK cannabis biotech firm Ananda Pharma is continuing to progress through its clinical roadmap at a promising pace.
Over the last two weeks, Ananda, which is now involved in five clinical trials with three separate partners, successfully dosed its first human trial participant with its lead drug candidate MRX1.
On July 15, Ananda published an update to investors regarding its Phase 1 pharmacokinetic trial for MRX1, an open-label study running in Australia, designed to evaluate the safety, tolerability, and absorption of the drug in healthy adults.
This study has been touted as a ‘strategic addition’ to the wider MRX1 programme, running independently from its ongoing Phase 2 clinical trials without impacting their timelines or execution.
With results expected early next year, the data will be used to help streamline future regulatory submissions in the UK, US and EU.
Days after the announcement, Ananda published its annual report for the year to January 31, 2025.
While there was little to report in terms of incoming cash, given that Ananda remains largely in the pre-revenue stages of development, the company managed to significantly reduce its annual operating loss, which fell from £6.9m to £3.8m over the year.
The improvement came largely from one-off cost reductions, including a sharp drop in write-downs tied to previously paused operations at its DJT Plants subsidiary. The company also cut its wage bill by more than half, to £150K, though it expects staffing costs to rise again as clinical trials scale up.
Conversely, Research and development (R&D) spending nearly tripled to £299K, reflecting a push to advance its three investigational drugs, MRX1, MRX2, and MRX2T. The company notes this figure doesn’t fully capture internal or consultant contributions, and it’s planning to claim £86K in R&D tax credits.
Operationally, Ananda expects both UK Phase 2 trials (for endometriosis and CIPN) to begin dosing by year-end, while continuing support for its Phase 3 epilepsy trials with UCL and GOSH. The company has also completed GMP manufacturing of MRX1 for ongoing and upcoming studies, positioning it for broader clinical execution in 2026.
The erratic US tariff announcements, this time targeted at the pharmaceutical sector, have sent ripples through global stock markets over the last week.
Following months of negotiations, the European Union managed to push a trade deal with President Trump over the line on Sunday, July 27, seeing a blanket 15% import tariff on nearly all EU-produced consumer goods.
While this was half the rate threatened by the administration, it reverses a historic exemption of pharmaceutical products under WTO rules, in what analysts are predicting will cost the industry between $13bn and $19bn.
With the EU accounting for about 60% of all pharmaceutical imports to the US, the added costs are likely to raise consumer prices unless companies work to mitigate the impact.
Jazz Pharmaceuticals, which manufactures its market-leading cannabis-based drug Epidiolex in Ireland, has already seen its stock price dip by around 30% since the start of the year, largely on tariff fears.
This is particularly worrying news for the Irish economy, with almost a third of Irish exports making their way to the US, accounting for 12% of GDP, 60% of which are pharmaceuticals.
As the trade war remains fluid, and there is little certainty whether the tariffs will be scrapped or be significantly raised (as Trump has threatened), the ultimate impact on the wider market and the dominant cannabinoid drugs maker Jazz is hard to predict.
As the incumbent pharmaceutical cannabis top-dog Jazz faces tightening margins and political hurdles on the international stage, it is also facing down growing competition from inside the market.
Australian pre-revenue biotech company Incannex has caught the eye of many major investors in the space in recent weeks, seeing its share price skyrocket by over 500% in July, before plummeting at a similarly rapid pace.
This turbulence comes as the cannabinoid and psychedelics drug company announced positive trial results for its lead drug, candidate, IHL-42X.
On July 30, 2025, it reported promising Phase 2 trial results for its treatment for obstructive sleep apnoea (OSA), an oral fixed-dose combination of dronabinol (synthetic THC) and acetazolamide.
The drug candidate demonstrated a reduction in the severity of apnoea episodes by up to 83%, according to data from the company’s RePOSA study. The trial showed statistically and clinically significant improvements across several sleep quality measures, including reduced fatigue and improved oxygenation during sleep.
Importantly, no serious side effects were reported, and the drug was well tolerated at both low and high doses.
The company plans to meet with the U.S. Food and Drug Administration to map out a path to Phase 3 trials. If successful, IHL-42X would be the first approved oral pharmaceutical treatment for OSA.
Days later, following a spike in interest in its stock, Incannex confirmed it has no immediate plans to fully utilise its at-the-market (ATM) share issuance facility, citing a strong cash balance of approximately US$50 million.
The company said it issued 9.2 million shares under the ATM on 30 July, representing just 1.97% of daily trading volume, and had not accessed the facility at all between 17–29 July.
The company is also progressing trials for IHL‑675A, a cannabinoid-hydroxychloroquine combination for inflammatory conditions, and PSX‑001, a synthetic psilocybin treatment for generalised anxiety disorder.
The formerly London Stock Exchange-listed Argent Biopharma has also positioned itself as a potential rival to Jazz in the treatment of drug-resistant epilepsy.
In a new peer-reviewed case-study published in the International Journal of Clinical Medicine & Case Reports, its proprietary formulation CannEpil was shown to have ‘clinical benefits in a pediatric patient with Lennox-Gastaut Syndrome’.
The study, authored by authored by Argent’s VP of Medical Development Dr Jonathan Grunfeld and Medical researcher Dr Jasna Jarc, found that the patient experienced reduced seizure clusters and seizure frequency, recovery of speech and fine motor control, alongside reintegration into a full-time educational environment.
While not a clinical trial, the company says this study adds to the ‘growing body of real-world evidence’ of CannEpil’s efficacy.
The drug is already being administered to patients in Ireland as the first medical cannabis product eligible for patients via the country’s Medicinal Cannabis Access Programme (MCAP).
Furthermore, in an article published in The Australian, Argent argues that while CannEpil ‘is not yet positioned to compete with Epidiolex on regulatory validation’, its offering was emerging as a potential next-generation treatment for the indication, ‘particularly in patients who did not respond to a CBD-only formulations’.
This, it says, is due to its use of ‘pharmaceutical-grade isolate combinations over full-spectrum botanical preparations, providing more precise dosing and improved safety profiles’.
Meanwhile, in July, Argent announced that it had now commenced the supply of EU-GMP Cannabinoid API for epilepsy treatment at Slovenia’s largest hospital, the University Medical Centre Ljubljana.
The supply rollout follows a successful pilot programme and was supported by dosing protocols co-developed with hospital clinicians and national regulators. Argent’s EU-GMP partner PHCANN International is providing the pharmaceutical-grade product under Slovenia’s evolving framework for cannabinoid compounding.
This development is part of a broader epilepsy programme platform (EPP) that spans manufacturing, research, physician education, and commercial roll-out across Europe and beyond. The company is using the Slovenian launch as a proof-of-concept for further expansion into other EU and US hospital systems.
The post New Data, New Players: Why Cannabis Pharma Deserves Investor Attention appeared first on Business of Cannabis.
Continue reading...
In this edition of ‘Beyond the Ticker’, we’ll be diving into the pharmaceutical cannabis sector, which appears to be entering a new phase of maturity, seeing a flurry of scientific and clinical trial progress so far this year.
While companies breaking into the space continue to live in the shadow of Jazz Pharmaceuticals, it’s now abundantly clear that its once-uncontested position in cannabis pharmaceuticals is facing meaningful competition from a new generation of biotech firms.
Amid rising global scrutiny of the wider medical cannabis prescription model, and with markets like France leaning into pharmaceutical-grade regulation, the pharma cannabis sector is shaping up to be one of the most dynamic and closely watched corners of the industry.
Ananda Pharma
UK cannabis biotech firm Ananda Pharma is continuing to progress through its clinical roadmap at a promising pace.
Over the last two weeks, Ananda, which is now involved in five clinical trials with three separate partners, successfully dosed its first human trial participant with its lead drug candidate MRX1.
On July 15, Ananda published an update to investors regarding its Phase 1 pharmacokinetic trial for MRX1, an open-label study running in Australia, designed to evaluate the safety, tolerability, and absorption of the drug in healthy adults.
This study has been touted as a ‘strategic addition’ to the wider MRX1 programme, running independently from its ongoing Phase 2 clinical trials without impacting their timelines or execution.
With results expected early next year, the data will be used to help streamline future regulatory submissions in the UK, US and EU.
Days after the announcement, Ananda published its annual report for the year to January 31, 2025.
While there was little to report in terms of incoming cash, given that Ananda remains largely in the pre-revenue stages of development, the company managed to significantly reduce its annual operating loss, which fell from £6.9m to £3.8m over the year.
The improvement came largely from one-off cost reductions, including a sharp drop in write-downs tied to previously paused operations at its DJT Plants subsidiary. The company also cut its wage bill by more than half, to £150K, though it expects staffing costs to rise again as clinical trials scale up.
Conversely, Research and development (R&D) spending nearly tripled to £299K, reflecting a push to advance its three investigational drugs, MRX1, MRX2, and MRX2T. The company notes this figure doesn’t fully capture internal or consultant contributions, and it’s planning to claim £86K in R&D tax credits.
Operationally, Ananda expects both UK Phase 2 trials (for endometriosis and CIPN) to begin dosing by year-end, while continuing support for its Phase 3 epilepsy trials with UCL and GOSH. The company has also completed GMP manufacturing of MRX1 for ongoing and upcoming studies, positioning it for broader clinical execution in 2026.
US tariffs target pharmaceutical imports for the first time
The erratic US tariff announcements, this time targeted at the pharmaceutical sector, have sent ripples through global stock markets over the last week.
Following months of negotiations, the European Union managed to push a trade deal with President Trump over the line on Sunday, July 27, seeing a blanket 15% import tariff on nearly all EU-produced consumer goods.
While this was half the rate threatened by the administration, it reverses a historic exemption of pharmaceutical products under WTO rules, in what analysts are predicting will cost the industry between $13bn and $19bn.
With the EU accounting for about 60% of all pharmaceutical imports to the US, the added costs are likely to raise consumer prices unless companies work to mitigate the impact.
Jazz Pharmaceuticals, which manufactures its market-leading cannabis-based drug Epidiolex in Ireland, has already seen its stock price dip by around 30% since the start of the year, largely on tariff fears.
This is particularly worrying news for the Irish economy, with almost a third of Irish exports making their way to the US, accounting for 12% of GDP, 60% of which are pharmaceuticals.
As the trade war remains fluid, and there is little certainty whether the tariffs will be scrapped or be significantly raised (as Trump has threatened), the ultimate impact on the wider market and the dominant cannabinoid drugs maker Jazz is hard to predict.
Incannex Healthcare
As the incumbent pharmaceutical cannabis top-dog Jazz faces tightening margins and political hurdles on the international stage, it is also facing down growing competition from inside the market.
Australian pre-revenue biotech company Incannex has caught the eye of many major investors in the space in recent weeks, seeing its share price skyrocket by over 500% in July, before plummeting at a similarly rapid pace.
This turbulence comes as the cannabinoid and psychedelics drug company announced positive trial results for its lead drug, candidate, IHL-42X.
On July 30, 2025, it reported promising Phase 2 trial results for its treatment for obstructive sleep apnoea (OSA), an oral fixed-dose combination of dronabinol (synthetic THC) and acetazolamide.
The drug candidate demonstrated a reduction in the severity of apnoea episodes by up to 83%, according to data from the company’s RePOSA study. The trial showed statistically and clinically significant improvements across several sleep quality measures, including reduced fatigue and improved oxygenation during sleep.
Importantly, no serious side effects were reported, and the drug was well tolerated at both low and high doses.
The company plans to meet with the U.S. Food and Drug Administration to map out a path to Phase 3 trials. If successful, IHL-42X would be the first approved oral pharmaceutical treatment for OSA.
Days later, following a spike in interest in its stock, Incannex confirmed it has no immediate plans to fully utilise its at-the-market (ATM) share issuance facility, citing a strong cash balance of approximately US$50 million.
The company said it issued 9.2 million shares under the ATM on 30 July, representing just 1.97% of daily trading volume, and had not accessed the facility at all between 17–29 July.
The company is also progressing trials for IHL‑675A, a cannabinoid-hydroxychloroquine combination for inflammatory conditions, and PSX‑001, a synthetic psilocybin treatment for generalised anxiety disorder.
Argent BioPharma
The formerly London Stock Exchange-listed Argent Biopharma has also positioned itself as a potential rival to Jazz in the treatment of drug-resistant epilepsy.
In a new peer-reviewed case-study published in the International Journal of Clinical Medicine & Case Reports, its proprietary formulation CannEpil was shown to have ‘clinical benefits in a pediatric patient with Lennox-Gastaut Syndrome’.
The study, authored by authored by Argent’s VP of Medical Development Dr Jonathan Grunfeld and Medical researcher Dr Jasna Jarc, found that the patient experienced reduced seizure clusters and seizure frequency, recovery of speech and fine motor control, alongside reintegration into a full-time educational environment.
While not a clinical trial, the company says this study adds to the ‘growing body of real-world evidence’ of CannEpil’s efficacy.
The drug is already being administered to patients in Ireland as the first medical cannabis product eligible for patients via the country’s Medicinal Cannabis Access Programme (MCAP).
Furthermore, in an article published in The Australian, Argent argues that while CannEpil ‘is not yet positioned to compete with Epidiolex on regulatory validation’, its offering was emerging as a potential next-generation treatment for the indication, ‘particularly in patients who did not respond to a CBD-only formulations’.
This, it says, is due to its use of ‘pharmaceutical-grade isolate combinations over full-spectrum botanical preparations, providing more precise dosing and improved safety profiles’.
Meanwhile, in July, Argent announced that it had now commenced the supply of EU-GMP Cannabinoid API for epilepsy treatment at Slovenia’s largest hospital, the University Medical Centre Ljubljana.
The supply rollout follows a successful pilot programme and was supported by dosing protocols co-developed with hospital clinicians and national regulators. Argent’s EU-GMP partner PHCANN International is providing the pharmaceutical-grade product under Slovenia’s evolving framework for cannabinoid compounding.
This development is part of a broader epilepsy programme platform (EPP) that spans manufacturing, research, physician education, and commercial roll-out across Europe and beyond. The company is using the Slovenian launch as a proof-of-concept for further expansion into other EU and US hospital systems.
The post New Data, New Players: Why Cannabis Pharma Deserves Investor Attention appeared first on Business of Cannabis.
Continue reading...
