Cresco Labs Posts $140M Loss; Tilray Buys BrewDog for £33M; Helus Delivers Strong Phase 2 Gains
Cresco Labs reported a $140M net loss (with $105M impairments) on $656M revenue and $157M adjusted EBITDA (24% margin) for 2025. Tilray acquired BrewDog assets for £33M targeting $200M annual revenue by 2027, and Helus Pharma’s Phase 2 HLP004 trial showed a 10.4-point HAM-A reduction and 67% six-month response rate.
1. Cannabis Consolidation & Cresco Performance
Cresco Labs highlighted ongoing industry consolidation while reporting a $140 million net loss for 2025, largely due to $105 million in one-time impairment charges tied to New York and California assets. The company generated $656 million in full-year revenue, $157 million in adjusted EBITDA (24% margin), $73 million in operating cash flow and $38 million in free cash flow, with Q4 revenue of $161.6 million.
2. Tilray’s BrewDog Acquisition & Beverage Pivot
Tilray Brands completed a £33 million acquisition of BrewDog’s global brand, UK brewing operations and 11 UK-Ireland brewpubs, aiming to add £33 million in assets and generate approximately $200 million in annual net revenue and $6–8 million in adjusted EBITDA by fiscal 2027. This deal further expands Tilray’s diversified beverage platform, expected to reach $500 million in annual beverage revenue and $1.2 billion across all operations.
3. Psychedelic Breakthrough: Helus Pharma Phase 2 Results
Helus Pharma’s Phase 2 trial of HLP004 in adults with moderate-to-severe generalized anxiety disorder recorded a 10.4-point average reduction on the Hamilton Anxiety Rating Scale at six weeks. At six-month follow-up, 67% of patients were responders and 39% achieved remission at the higher 20 mg dose, underscoring growing momentum in therapeutic psychedelics research.