Data gathered from Bloomwell Group’s digital platform shows affordable prescription prices and steady supply to accommodate sharp increase in new patients following reclassification on April 1, 2024
Frankfurt a.M., July 31, 2024 – Award-winning Frankfurt, Germany-based medical cannabis company Bloomwell Group GmbH (“Bloomwell Group”) released a report today on the state of Germany’s private, self-funded, medical cannabis flower market following the landmark implementation of the Cannabis Act (CanG) on April 1, 2024.
According to the report, while prices for medical cannabis flower initially rose slightly following CanG’s reclassification of cannabis as a non-narcotic, costs quickly stabilized and then dropped in June. Patients are currently paying an average of half the price for medical cannabis prescriptions compared to what they paid at the beginning 2023, a significant reduction that underscores the growing affordability of this burgeoning medical treatment.
In addition, the report found that patients are being provided with a greater variety of cannabis flower strains than ever before. In June 2024 alone, pharmacies dispensed a total of 237 different varieties of medical cannabis flower strains via the Bloomwell digital platform, Europe’s largest centralized hub connecting patients with physicians and pharmacies.
The data also indicated that the industry has been well-prepared with a consistent cannabis supply to meet the dramatic spike in new medical cannabis patients after April 1, stemming from the CanG bill’s reclassification of medical cannabis as a non-narcotic. The number of prescriptions dispensed by Bloomwell Group increased 400 percent from March 2024 to June 2024.
The report’s findings are based on Bloomwell Group’s internal data and comprehensive evaluation of the tens of thousands of prescriptions dispensed via its medical cannabis platform from January 2023 through June 2024. Bloomwell serves as the centralized digital infrastructure for medical cannabis distribution, consultations and treatment (including via telemedicine) and dispensing.
“Through the Bloomwell platform, which is by far the largest of its kind in Europe, we have been able to gather and analyze a significant amount of data on medical cannabis prescriptions, patient preferences and the market as a whole,” said Niklas Kouparanis, Bloomwell Group CEO and Co-Founder. “In addition to accommodating price-sensitive patients with lower and more affordable prescription costs, our findings show that due to imports from more than 20 countries – the majority being from Canada – we have a steady cannabis supply to meet increased demand, and an immense variety of flower strains to meet the preferences of patients and physicians. However, as our market continues to grow, we’ll need to continue to ramp up the amount of cannabis we import, as we’re projecting that Germany will be the number one medical cannabis market in the world.”
Further results of the report include:
- Over 50 percent of the medical cannabis flower prescribed is classified as “inexpensive” or “very inexpensive.” The average price per gram is less than €9.
- Certain varieties of medical cannabis flowers, which previously cost €10 per gram at the beginning of 2023, are now only priced at €5 per gram.
- Patients and doctors have the option of choosing cannabis flowers that are either irradiated (treated to eliminate potential microbial contaminants) or non-irradiated flower; preferences indicate that a slight majority of patients prefer non-irradiated flower. Since the beginning of the year, the ratio of irradiated to non-irradiated flowers has been relatively equal.
- Prescribed medical cannabis flower averages a potency of just over 20 percent THC.
Regarding the future of medical cannabis in Germany, Bloomwell Group Co-Founder Dr. Julian Wichmann, MD says: “It’s extremely promising that medical cannabis is moving into the mainstream alongside other valued and reliable Rx prescriptions, and can now be prescribed more seamlessly for common issues such as sleep disorders and migraines. Medical cannabis treatment for these ailments, which has been approved since 2017 and has shown to be helpful in relieving the symptoms stemming from these common conditions while often resulting in few or even zero side effects, should not be stigmatized. It’s excellent news for patients and physicians alike that effective therapy with medical cannabis is now more widely available following reclassification to help people with various common conditions that affect millions.”
For more information, visit https://www.bloomwell.eu/.
About Bloomwell Group
Frankfurt-based Bloomwell Group is one of the leading medical cannabis companies in Europe. Founded in 2020, it has become a central hub for a new cannabis ecosystem that covers the entire value chain (except cultivation). Through innovation and the digitization of the entire treatment process, Bloomwell Group ensures an effective and reliable supply of medical cannabis to patients and also contributes to the de-stigmatization of cannabis in medicine through data-based research. Today, the Bloomwell Group offers tens of thousands of cannabis patients, pharmacies, doctors, and wholesalers a digital home. www.bloomwell.eu
