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The medical cannabis market is booming: Cantourage Group SE announces record quarter in the third quarter of 2024

• Turnover of 13.2 million euros for the period from July 1 to September 30, 2024 (Q3) (same period of the previous year: 5.9 million euros), an increase of 130% on one year.
• Profitable growth stabilizes: EBITDA between 0.9 million euros and 1.1 million euros in the third quarter of 2024
• Turnover of at least 40 million euros expected for the whole of 2024

Berlin, October 10, 2024 – Cantourage Group SE (hereinafter referred to as “Cantourage”, ISIN: DE000A3DSV01, www.cantourage.com), a publicly traded European cannabis leader, generated revenue of €13.2 million during the period from July 1 to September 30, 2024, establishing a new record quarter in the company’s history. Last month, the company announced that it had exceeded its total annual turnover for 2023 (23.6 million euros) in the period from January 1 to August 30, 2024, posting a turnover of 24, 9 million euros. Another positive EBITDA in the range of €0.9 million to €1.1 million in the third quarter of 2024 shows that Cantourage is able to convert current developments in the European medical cannabis markets into sustainable growth and profitable. A turnover of at least 40 million euros is expected for the whole of 2024.

“It is important for investors to understand that the only regions in Germany and Europe in which Really Profitable and growing business models that can be established and monetized are those related to medical cannabis. I don’t know of any German company that is growing significantly and operating profitably through seeds, cuttings and non-commercial association structures,” said Philip Schetter, CEO of Cantourage.

Cantourage thus confirms the positive development of business since the partial legalization of cannabis on April 1, 2024, even if legalization for recreational purposes in Germany faces serious challenges. Cultivation associations (“cannabis clubs”) face enormous bureaucratic difficulties, so very few of them have been able to start their activities so far – and the future prospects are more than questionable. The so-called “pillar 2” of the cannabis law, which aimed to lay the foundations for a real recreational market, was recently buried for the current legislature, even by the biggest supporters of legalization in the government federal.

Although the situation in the recreational sector is unclear, the medical cannabis market in Germany is currently experiencing steady growth. On April 1, 2024, cannabis was also removed from the Narcotics Act in a therapeutic context, significantly simplifying the process for everyone involved – from importers to doctors, pharmacies and patients. This has led to an unprecedented demand for medical cannabis, which Cantourage brings to Europe from many cultivation companies around the world.

“The real legalization of recreational cannabis containing THC, as is the case in North America for example, is not on the agenda here. Nevertheless, medical cannabis is here to stay and will continue to grow.
We are happy that so many people in Germany have found their way to cannabis therapy in recent months. This development will certainly continue in the future. Millions of cannabis users who until now self-medicated for sleep disorders, pain or other common illnesses – and who often resorted to dangerous products from the black market – can now access safe pharmaceutical grade preparations. We deliver these products through our flexible and efficient procurement model, which we can and will continue to develop in the coming months. One thing is clear to us: whatever happens in the recreational market, the medical market will play a leading role in the coming years to ensure that citizens of Germany and other European countries have access to safe and tested,” underlines Philip Schetter, CEO of Cantourage.

About Cantourage

Cantourage is one of Europe’s leading producers and distributors of cannabis flowers and cannabis-based medicinal preparations and medicines. The Berlin-based company was founded in 2019 by industry pioneers Norman Ruchholtz, Dr. Florian Holzapfel and Patrick Hoffmann. With an experienced management team and its “Fast Track Access” platform, Cantourage enables producers around the world to become part of the growing European medical cannabis market faster, easier and more cost-effective by processing and distributing their cannabis raw materials and extracts. In this context, Cantourage ensures compliance with the highest European pharmaceutical quality standards at all times. The company offers pharmaceutical grade products in all relevant market segments: dried flowers, extracts, dronabinol and cannabidiol. Cantourage was listed on the Frankfurt Stock Exchange on November 11, 2022 and is traded under the symbol “HIGH”.

Additional information: www.cantourage.com

This announcement does not constitute a public offer or an announcement of a public offer for the sale of securities, in particular within the meaning of Regulation (EU) 2017/1129 (Prospectus Regulation).

Press contact at Cantourage:

Frédéric Steudemann
Such. +49 (0)30 4701 350 – 50
[email protected]