20.11.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
Not for publication or distribution, directly or indirectly, in or into the United States of America, Australia, Canada or Japan or any other jurisdiction in which such publication or distribution would be unlawful. The important notices at the end of this press release should be observed.
Cantourage Group SE records significant revenue growth in the first nine months of 2023 and confirms full-year forecast
- Opening of new production facilities expected from December
- Expansion of purchasing and sales activities
Berlin, 20 November 2023 – In the first nine months of 2023, Cantourage Group SE (hereinafter “Cantourage”, ISIN: DE000A3DSV01, www.cantourage.com/en), a leading European company for the production and distribution of cannabis, recorded revenues of EUR 17.2 million*, which corresponds to a significant increase of 85% compared to the same period of the previous year (previous year: EUR 9.3 million*). In the third quarter of 2023 revenue increased to EUR 6.1 million* (Q3 2022: EUR 3.4 million*).
The operating result (EBITDA) of Cantourage amounted to EUR -0.4 million* in the first nine months of the current financial year (previous year: EUR -1.9 million*) and was therefore still slightly negative. Reasons for the development in the third quarter of 2023 (EBITDA Q3 2023: EUR -0.6 million*; EBITDA Q3 2022: EUR -1.2 million*) were, among other things, delays in the approval of new production facilities.
Cantourage expects significant efficiency gains in a rapidly growing market in the coming years. The first effects are already expected in the fourth quarter of 2023, which is why the company is sticking to its previous forecast of a balanced EBITDA.
In order to take account of the expected development and to position itself even better in the cannabis market, Cantourage focused on optimizing its purchasing and sales activities in recent months. Thus, the Berlin-based company launched its own telemedicine platform for cannabis called Telecan° (www.telecan.eu) to provide potential patients with a simple and direct route to cannabis therapy. In addition, Cantourage signed a long-term supply agreement for cannabis with the Swiss cannabis company Astrasana, marking a significant development for the supply of cannabis in Switzerland with this partnership.
In order to further expand supply to the European cannabis market, Cantourage has also recently started working with two new cultivation partners, SUMO Cannabis and VASCO (both Canada). In addition, there were further product launches with eight new flower varieties from six growers (all in Canada).
The British subsidiary Cantourage UK is also continuing to focus on expanding its presence in the cannabis sector. An exclusive partnership was concluded with the GHA (Gibraltar Healthcare Authority) for the supply of cannabis medicines. Cantourage UK also launched a new product range from craft cannabis cultivator Green Karat.
Cantourage is thus consistently preparing for the further liberalization of the European cannabis market.
Based on the expectations for the current quarter, Cantourage continues to expect to achieve its forecast for the full year 2023. Accordingly, the company continues to expect an increase in revenues in the high double-digit percentage range for the 2023 financial year compared to the previous year (revenue 2022: EUR 14.1 million*) and a break-even result at EBITDA level.
Bernd Fischer, CFO of Cantourage, states: “Our business development was successful in the first nine months of 2023. In addition to the increase in revenue, we were also able to successfully implement our planned milestones for further company development – such as the launch of our own online platform for cannabis on prescription called Telecan°. As a result of this and cost-saving measures, we expect to achieve our forecast business development for 2023 as planned.”
* The figures stated relate to an unaudited pro forma consolidation of the operating subsidiaries as if they had been acquired as at 1 January of each year.
Cantourage is a leading European producer and distributor of 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”.
For further information: www.cantourage.com/en
This announcement does not constitute a public offer or an advertisement for a public offer for sale of securities, in particular within the meaning of Regulation (EU) 2017/1129 (Prospectus Regulation).
Press contact at Cantourage:
Tel. +49 (0)30 4701 350 – 50