Cantourage Group SE Reports Strong Financial Results for 2024
Cantourage Group SE, a leading European medical cannabis company, reported impressive financial results for the period from January 1 to August 30, 2024. The company achieved a revenue of EUR 24.9 million ($27.5 million), representing a significant 62% increase compared to the same period in 2023. This growth surpasses Cantourage's total revenue for the entire year 2023, which amounted to EUR 23.6 million.
Expansion of Cannabis Flower Business: The company successfully expanded its cannabis flower business in Germany and the UK, offering a wider range of high-quality products to patients.
Cantourage's Telecan platform, an online platform connecting patients with medical cannabis treatments, saw significant progress, facilitating access for German patients.
The partial legalization of cannabis in Germany in April 2024 further boosted demand and contributed to the company's upward trend.
In August 2024 alone, Cantourage achieved a record monthly revenue of EUR 4.9 million, a remarkable 188% increase compared to August 2023. This surpasses the company's previous monthly record of EUR 4.1 million set in June 2024.
Cantourage projects total annual revenue of EUR 37 million to EUR 43 million for 2024, with expectations of continued growth and a positive EBITDA for the year. The company's flexible business model positions it well to capitalize on the vast market potential in Europe and generate further strong growth.
Cantourage CEO Philip Schetter expressed optimism about the company's future, stating, "Our current business performance clearly shows that we took the right steps in preparation for the partial legalization of cannabis in Germany. We are confident that the medical cannabis market offers significant opportunities, both now and in the future."
Schetter also highlighted the significant market potential in Europe, stating, "The news agency Reuters reported a few months ago that there are currently around 4.5 million cannabis consumers in Germany alone. However, the market potential is enormous not only with regard to Germany—we are also currently seeing a continuous opening of cannabis markets in other European countries. For Cantourage, this will—of that we are certain—offer extraordinary growth opportunities in the future."
Cantourage Group SE is well-positioned for continued success in the growing European medical cannabis market. With its strong financial performance, strategic expansion, and optimistic outlook, the company is poised to capitalize on the significant opportunities ahead.