Germany’s Medical Marijuana Market Is Booming, Says Cannabis Producer Reporting Record Quarter
Cantourage Group SE reported its financial results for the period from July 1 to September 30 revealing a new record quarter in the company’s history. The Berlin-headquartered cannabis company posted revenue of EUR 13.2 million ($14.32 million).
Last month, the company announced that it had exceeded its total annual revenue for 2023 (EUR 23.6 million) from Jan.1 to August 30, 2024, by posting revenue of EUR 24.9 million. Another positive EBITDA, between EUR 900,000 and EUR 1.1 million in the third quarter of 2024, suggests Cantourage can convert current developments in European medical cannabis markets into sustainable, profitable growth. Revenue of at least EUR 40 million is expected for the full year of 2024.
“It is important for investors to realize that the only areas in Germany and Europe in which truly profitable and growing business models can be established and monetized are those related to medical cannabis,” stated Philip Schetter, CEO of Cantourage, according to translation. “I am not aware of any German company that …