EQS-News: Cantourage Group SE / Key word(s): Development of Sales/Miscellaneous
Cantourage Group SE records highest monthly revenue in company history in May 2024
14.06.2024 / 08:01 CET/CEST
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Cantourage Group SE records highest monthly revenue in company history in May 2024
- Revenue of EUR 3.5 million in May 2024 and the highest revenue in the company’s history
- Demand for Cantourage’s products has increased significantly since the partial legalization of cannabis came into force
- Production capacities significantly expanded to meet the anticipated further increase in demand
Berlin, June 14th, 2024 – Cantourage Group SE (hereinafter “Cantourage,” ISIN: DE000A3DSV01, www.cantourage.com), a leading European cannabis production and distribution company, recorded revenue of EUR 3.5 million in May 2024, the highest monthly revenue in the company’s history to date.
The main drivers of the positive revenue trend are the noticeable increase in the number of cannabis patients in Germany since the partial legalization of cannabis came into force in April 2024 and the resulting significant increase in demand for high-quality cannabis products. Cantourage had prepared for this expected development and made a wide range of premium products available to cannabis patients at an early stage. In addition, the production facility in Germany was expanded in the first quarter of 2024. Cantourage had already significantly expanded its grower portfolio in 2023 and opened an online platform for cannabis on prescription. The Telecan platform (www.telecan.eu) provides potential patients with a simple and direct route to cannabis therapy.
Cantourage anticipates a continued increase in demand for high-quality cannabis in the months to come – especially in Germany, but also in other European countries. In order to be able to meet the further increase in demand, Cantourage recently entered into a strategic partnership with the Portuguese company Portocanna in addition to expanding its own production facility. In the future, Portocanna’s state-of-the-art production facility will also serve as a processing site for the cannabis flowers of Cantourage’s more than 65 cultivation partners from 18 countries. The partnership will increase Cantourage’s overall capacity to deliver cannabis flower to its European target markets from a maximum of eight to up to 14 tons per year. Cantourage is thus well equipped to reliably supply more and more cannabis patients across Europe with high-quality products.
“Thanks to the Cannabis Act, which came into force on April 1, it has become much easier to obtain a cannabis prescription in Germany. This is mainly due to the fact that cannabis is no longer considered a narcotic. More and more doctors in Germany are now willing to consider it as an option and prescribing cannabis as a medicine. Cannabis now has the same status as ibuprofen 600 – it is no longer a narcotic, but is available on prescription. Overall, the acceptance of cannabis in the population has increased noticeably due to partial legalization. In view of the new legal situation, we assume that the number of cannabis users in Germany will increase sustainably. By expanding our production capacities early enough, we feel we are now well prepared for this development,” said Philip Schetter, CEO of Cantourage.
About Cantourage
Cantourage is a leading European producer and distributor of cannabis flowers and cannabis-based medicinal preparations and drugs. 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 from around the world to become part of the growing European medical cannabis market faster, easier and more cost-effectively 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 flower, extracts, dronabinol and cannabidiol. Cantourage was listed on the Frankfurt Stock Exchange on 11 November 2022 and is listed under ticker symbol “HIGH.”
Further information: www.cantourage.com
