German cannabis company Cantourage went public last Friday. The share price jumped more than 130% on its first day of trading, making it one of the few most successful IPOs this year.
“We are Cantourage and we love cannabis,” co-founder Florian Holzapfel said as he rang the bell at the Frankfurt Stock Exchange on Friday morning, adding that the company is happy to say “HIGH,” its ticker symbol. The shares traded at 15 euros on Friday at 1 p.m. and today around 25 euros.
From medical to recreational
Cantourage distributes several cannabis-based medicines and pharmaceutical-grade CBD products in Europe and Great Britain. With to date 38 partnerships and collaborations with cannabis producers in 17 countries, Cantourage offers a very wide range, particularly in terms of cannabis flowers. In 2021, the company with more than 35 employees, which also operates a medical cannabis clinic in Great Britain, achieved a turnover of more than 5 million euros. She expects about three times as many this year.
While the company was only founded in 2019, the founders had previously built a well-known cannabis pioneer, Pedanios GmbH, which was later sold to Aurora. At the time, Pedanios handled Canada’s first imports of medical cannabis.
Former CEO of Aurora Europe, Philip Schetter is now CEO of Cantourage. He sees great potential for the future with current developments:
“Cantourage is one of Europe’s leading medical cannabis companies and operates in a fast-growing sector here. It is estimated that the medical cannabis market alone will reach 7.7 billion euros in Europe by 2028. All the markets in which cannabis could be sold for adults are several times larger. In Germany alone, this is estimated to be almost 20 times the current medical cannabis market. Given the rapid growth in demand, we have completed the private placement and will now invest in expanding our cannabis flower manufacturing capacity. The planned IPO will also allow investors to participate in Cantourage’s continued growth. »