Cantourage Group SE records strong growth in revenue and EBITDA in the break-even range in 2023. Strong growth since the partial legalisation of cannabis came into force. – Biotech Investments

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Cantourage Group SE records strong growth in revenue and EBITDA in the break-even range in 2023. Strong growth since the partial legalisation of cannabis came into force.

• Revenue increased by 67% in financial year 2023 compared to the previous year
• Operating result (EBITDA) in the break-even range in 2023
• Revenue in April 2024 increased by around 160% compared to the same month last year
• Significant increase in the number of cannabis patients recorded due to partial legalisation in April 2024
• Continued strong growth expected in financial year 2024

Berlin, 15 May 2024 – Cantourage Group SE (hereinafter “Cantourage,” ISIN: DE000A3DSV01, www.cantourage.com), a leading European company for the production and distribution of cannabis, increased its revenue by approx. 67% in financial year 2023 compared to the previous year to EUR 23.6 million (2022: EUR 14.2 million). The operating result (EBITDA) improved by more than EUR 2.0 million in 2023 compared to the same period of the previous year (2022: EUR -2.5 million) and is thus in the break-even range. While revenue growth in the first quarter of 2024 remained below expectations at around 26% compared to the prior-year period (revenue in Q1 2024: EUR 6.2 million, revenue in Q1 2023: EUR 4.8 million) due to the uncertain legal situation, Cantourage recorded a significant increase in demand in April 2024 and achieved revenue growth of around 160% compared to the same month of the previous year. 

The main drivers of the positive business development in 2023 were the optimisation of purchasing and sales activities, the conclusion of various supply agreements, the introduction of new cannabis products, the development of new markets as well as process optimisations and efficiency improvements in internal workflows. The further diversification of the grower portfolio and the establishment of its own telemedicine platform Telecan (www.telecan.eu) also had a positive impact on Cantourage’s business.

Due to the changes resulting from the “Cannabis Act,” Cantourage assumes that significant growth in revenue can be achieved in 2024 as a whole. “We expect the ‘Cannabis Act’ to provide significant impetus for medical cannabis in 2024: cannabis is no longer a narcotic – this will lead to considerable simplifications in dispensing by pharmacies and prescriptions by doctors. With our telemedicine platform Telecan and our diversified product portfolio ranging from a dronabinol solution to various cannabis flowers, we can respond to a wide range of market developments. Our production network of more than 60 cannabis growers worldwide enables us to bring new products to our target markets very quickly if required,” emphasises Philip Schetter, CEO of Cantourage.

Cantourage assumes that the public debate on the effects of cannabis will further reduce reservations among doctors, pharmacies and patients. As a result, a further sharp increase in prescriptions can be expected in the months and years to come. This trend was already evident in April. In the first month after partial legalisation, there was already a significant increase in the number of cannabis patients. How exactly this trend will develop and to what extent it will have a positive impact on Cantourage’s revenue and earnings development is still difficult to estimate at this time. In principle, however, Cantourage expects to benefit greatly from the new legal framework in 2024 as a whole.

The figures stated for 2023 relate to an unaudited pro forma consolidation of the operating subsidiaries as if they had been acquired as of 1 January of a given year. Adjustments may still result from audit procedures and valuation approaches. For 2022, the figures relate to an audited pro forma consolidation of the operating subsidiaries. For 2024, the figures relate to an unaudited pro forma consolidation of the operating subsidiaries.

About Cantourage

Cantourage is a leading European producer and distributor of cannabis flowers and cannabis-based medicinal preparations and drugs. The Berlin-based company was founded in 2019 by industry pioneers Norman Ruchholtz, Dr. Florian Holzapfel and Patrick Hoffmann. With an experienced management team and its “Fast Track Access” platform, Cantourage enables producers from around the world to become part of the growing European medical cannabis market faster, easier and more cost-effectively by processing and distributing their cannabis raw materials and extracts. In this context, Cantourage ensures compliance with the highest European pharmaceutical quality standards at all times. The company offers pharmaceutical-grade products in all relevant market segments: dried flower, extracts, dronabinol and cannabidiol. Cantourage was listed on the Frankfurt Stock Exchange on 11 November 2022 and is listed under ticker symbol “HIGH.”

Further information: www.cantourage.com

This announcement does not constitute a public offer or an advertisement for a public offer to sell securities, in particular not within the meaning of Regulation (EU) 2017/1129 (Prospectus Regulation).

Press contact at Cantourage:

Bernd Fischer

Phone +49 (0)30 4701 350 – 50

fischer@cantourage.com