Evidence, Earnings and Expansion: Avextra Enrolls its First Patient to Landmark Italian Cl
October 30, 2025
The European medical cannabis industry is continuing to mature, seeing companies focused on science-based research push the boundaries of our understanding of its use cases, and more importantly, fill the long-maligned gap in clinical evidence.
In this edition of Beyond the Ticker, we look at how three companies are shaping this shift from different angles. In Europe, Avextra has started enrolling patients in Italy’s first large-scale trial of a cannabis-based medicine for neurodegenerative diseases, a sign that clinical research is beginning to match commercial ambition.
Meanwhile, analysts are re-evaluating Jazz Pharmaceuticals, long the sector’s bellwether, as profitability and execution come under closer watch despite its continued dominance.
Elsewhere, InterCure is pairing steady results with a bold international push, expanding through its planned acquisition of Botanico to bring leading US cannabis brands into its network.
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Avextra Enrols First Patient in Landmark Italian Trial of Cannabis-Based Medicine
German pharmaceutical company Avextra has enrolled the first participants in its multi-year Phase II clinical trial in Italy, exploring the use of cannabis-based medicine as a ‘supportive treatment’ for patients with amyotrophic lateral sclerosis (ALS), Parkinson’s disease, and Alzheimer’s disease.
Its Phase II study, Neurobis, has been authorised and funded by the Italian Ministry of Health, and is set to study 180 patients over a 36-month period.
As we have covered extensively in the past, the mainstream medical establishment has long called for ‘randomised control trials’ (RCTs) into medical cannabis treatment before considering its wider inclusion in mainstream healthcare.
Neurobis, a randomised, double-blind, placebo-controlled study, will represent yet another feather in the cap of this ‘gold standard’ research in a relatively underresearched area for cannabis treatment.
Notably, Avextra’s extract will be ‘whole-plant’, delivering precise ratios of THC, CBD, and other minor cannabinoids and other plant constituents believed to contribute to broader therapeutic effects.
Earlier this month, Business of Cannabis reported that another German pharmaceutical company, Vertanical, believes it is on course to deliver the first ‘whole-plant’ cannabis medicine with international approval.
Securing regulatory approval for multi-compound, botanical medicines has so far proven to be quite a task, with even market leaders such as Jazz Pharmaceuticals trying and failing to clear this bar in the US with its multiple sclerosis-spasticity treatment Sativex, containing both THC and CBD.
The RCT procedures tend to favour single-compound medicines such as Jazz’s Epidyolex, which contains CBD, and Nabilone containing THC.
The study is set to run for 36-months, and compare Avextra’s standardised full-spectrum cannabis extract with a placebo to evaluate the efficacy of CBMs ‘in terms of quality of life and safety… in neurodegenerative diseases’.
Dr Letizia Mazzini at the ALS Centre in Novara, who will lead the study, suggested that Neurobis reflects a growing interest in exploring medical cannabis as a legitimate therapeutic option for neurodegenerative diseases.
“Thanks to our collaboration with Avextra, we are combining clinical expertise and innovation to rigorously explore the therapeutic potential of medical cannabis,’ she said in a statement.
“The launch of the NEUROBIS study represents a major step forward in our clinical research programme,’ said Avextra CEO Bernhard Babel.
“We are working to improve patients’ quality of life and offer new treatment options based on robust and verified evidence.”
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Weiss Issues Rare ‘Sell’ Rating for Jazz Pharmaceuticals, but Broader Consensus Remains Steady
Avextra’s clinical ambitions are unfolding against signs that investor sentiment in the broader pharmaceutical cannabis market could be shifting.
Jazz Pharmaceuticals, the sector’s largest and most mature player, continues to set expectations for growth and profitability, and has an outsized impact on investor sentiment around trial-stage firms like Avextra, who already face an uphill battle to obtain funding.
Earlier this week, Weiss Ratings has reaffirmed a ‘Sell (D)’ rating for Jazz, marking one of the few negative analyst assessments of the market leader.
The rating, published on 26 October 2025, follows the company’s weaker-than-expected quarterly results and comes despite an otherwise stable consensus among major brokerages.
According to MarketBeat, Jazz currently holds an overall ‘Moderate Buy’ consensus from 17 firms, with 14 buy, two hold, and one sell recommendations. The average 12-month price target stands at US $179.33, down slightly from $173.43 a year earlier.
Notably, Morgan Stanley reaffirmed its ‘Overweight’ rating on 20 October 2025, raising its target price from US $167 to US $180, signalling ongoing confidence in Jazz’s growth prospects despite near-term earnings pressure. Other major banks, including JPMorgan Chase & Co. and Deutsche Bank Aktiengesellschaft, have also maintained buy ratings, though both recently trimmed their targets slightly.
While Weiss remains the only firm to issue an outright sell, other analysts have adopted a more cautious tone. Zacks Research upgraded Jazz from ‘Strong Sell’ to ‘Hold’ in August, reflecting a stabilising but still watchful stance.
The cautious notes follow Jazz’s second-quarter earnings miss, in which the company reported a net loss of $8.25 per share. Still, most analysts maintain confidence in Jazz’s underlying fundamentals, citing its diversified portfolio of therapies including Epidiolex, the first FDA-approved CBD-based medicine.
The Weiss downgrade therefore appears isolated rather than indicative of a broad shift in sentiment, though its timing underscores growing investor attention to profitability and execution across the pharmaceutical cannabis sector.
Intercure Reports Strong Half-Year Results as Botanico Acquisition Advances
InterCure Ltd., Israel’s largest cannabis company, reported NIS 130m in revenue for the first half of 2025, a 3% year-on-year increase, alongside positive operating cash flow of NIS 12m.
The results, released on 8 October 2025, mark the company’s 11th consecutive half of positive adjusted EBITDA, underscoring continued stability in one of the region’s most competitive medical cannabis markets.
The earnings announcement also highlighted progress on InterCure’s planned acquisition of Botanico Ltd. (ISHI), first disclosed in September.
The share-based transaction, valued at approximately NIS 30 m (about US $7.5m), will see InterCure acquire 100% of Botanico’s shares in two stages, pending regulatory approvals. Botanico brings exclusive access to US brands including The Flowery, Doja, Runtz and Wizard Trees, as well as proprietary cultivation technologies developed in partnership with Florida-based The Flowery.
The deal expands InterCure’s reach into the premium cannabis segment and forms part of its strategy to integrate leading American brands into its Israeli operations. Production for these brands will take place at Ganja Geek, an advanced indoor cultivation facility in Moshav Herut, operated by musician and entrepreneur Yair Kaz. Initial products are expected to reach Israeli pharmacies in the coming months.
CEO Alexander Rabinovich described the acquisition as ‘a significant milestone in our global expansion strategy’, saying it positions InterCure to capitalise on potential US regulatory changes that could open international trade in cannabis-based products.
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