Cantourage rides Germany's 2024 cannabis law to record quarters and first profit

Cantourage imports, processes and distributes medical cannabis and cannabis-based medicines to European pharmaceutical standards, via its 'Fast Track Access' platform for growers worldwide.

That Germany would legalize cannabis and medical demand would boom first, so Cantourage built import, processing and distribution capacity before the law passed.

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.

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.

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.

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.

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.

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.