The archive · Health & Care · Strategic decision · 2019–2024
Cantourage rides Germany's 2024 cannabis law to record quarters and first profit
Medical-cannabis platform Cantourage bet legalization on Germany; after the April 2024 CanG, April revenue jumped 160% YoY and it turned its first profit.
Cantourage Group
What the business is
Cantourage imports, processes and distributes medical cannabis and cannabis-based medicines to European pharmaceutical standards, via its 'Fast Track Access' platform for growers worldwide.
How it started
Founded in Berlin in 2019 by Norman Ruchholtz, Dr. Florian Holzapfel and Patrick Hoffmann, Cantourage imported and distributed medical cannabis under European pharmaceutical standards. In November 2022 it became the first medical-cannabis company on the Frankfurt Stock Exchange (ticker HIGH), pricing at €6.48 per share and reaching an €86.6M valuation at market open.
What happened
The Cannabis Act (CanG) took effect April 1, 2024, removing cannabis from Germany's narcotics law and turning medical prescriptions into ordinary ones. Cantourage's April 2024 revenue rose about 160% year over year; Q3 2024 hit a record €13.2M (+130% YoY) with positive EBITDA, and management expected at least €40M for the full year.
How it ended up
Scaling and profitable: Cantourage reported its first profits in 2024, projected €3–4M operating profit, and kept growing through its Telecan telemedicine channel — while the recreational pillars of the law stalled in bureaucracy.
Background
Cantourage was founded in Berlin in 2019 by Norman Ruchholtz, Dr. Florian Holzapfel and Patrick Hoffmann to import, process and distribute medical cannabis to European pharmaceutical standards. Its 'Fast Track Access' platform let growers worldwide get their harvest processed, certified and sold in Europe without building their own supply chain.
The founders' bet on German legalization came early: in November 2022 Cantourage became the first medical-cannabis company on the Frankfurt Stock Exchange (ticker HIGH), pricing at €6.48 per share and reaching an €86.6 million valuation at market open.
The payoff arrived April 1, 2024, when Germany's Cannabis Act (CanG) took effect, removing cannabis from the narcotics law and turning medical prescriptions into ordinary prescriptions. April 2024 revenue rose about 160% year over year; Q3 2024 brought a record €13.2 million (+130% YoY) with positive EBITDA, and the company expected at least €40 million for the full year.
By late 2024 Cantourage reported its first profits, projecting €3–4 million operating profit, with growth also flowing through its Telecan telemedicine channel. The recreational side of the law stalled in bureaucracy, but the company's bet — medical demand, not recreational supply — was the part that worked.
What has to be true
- CanG (April 2024) removed medical cannabis from Germany's narcotics law, turning prescriptions into ordinary ones and removing friction for doctors, pharmacies and patients.
- Cantourage built the supply chain first — 38 grower partnerships in 17 countries by 2022 — so when demand spiked it could scale sourcing immediately.
- Going public in 2022 gave it capital and credibility while the market was still pre-legalization, funding the platform ahead of the regulatory event.
- It focused on medical cannabis, the segment that actually became legal and profitable, rather than the recreational market that stalled.
What can be applied
Betting on a law before it passes is timing risk, but having the operational machine ready lets a company capture the entire demand spike when the regulation lands.
Aftermath
As of late 2024, Cantourage was Europe's leading publicly traded cannabis company: Q3 2024 revenue hit a record €13.2 million, January–August revenue of €24.9 million already surpassed the full-year 2023 figure of €23.6 million, and management guided to at least €40 million for 2024 with positive EBITDA. It reported its first profits and projected €3–4 million operating profit, aided by Telecan, its telemedicine channel. The recreational pillars of the CanG stalled in bureaucracy, but the medical business kept growing. Regulatory reversal remained a risk cited by the industry.
Sources
- Cantourage Group SE verzeichnet 2024 starkes Wachstum seit Inkrafttreten der Teillegalisierung von Cannabis
- The medical cannabis market is booming: Cantourage Group SE reports record quarter in Q3 2024
- Germany's First Cannabis Start-Up Lists On Frankfurt Stock Exchange Ahead Of Legalization
- KEY POINTS: What to know about Germany's partial legalisation of cannabis
- Berlin's Cannabis Industry Thrives Amid Partial Legalization
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