## Cantourage Group SE Reports Record Quarter Revenue, Sees Strong Future for Medical Cannabis in Europe
Cantourage Group SE, a leading cannabis company headquartered in Berlin, has reported record revenue for the period from July 1 to September 30, 2024. The company achieved EUR 13.2 million ($14.32 million) in revenue, marking a new milestone in its growth trajectory.
This strong performance comes on the heels of Cantourage surpassing its total annual revenue for 2023 (EUR 23.6 million) in just the first eight months of 2024, reaching EUR 24.9 million by August 30th. The company’s positive EBITDA, estimated between EUR 900,000 and EUR 1.1 million in the third quarter, further reinforces the sustainability and profitability of its operations.
Cantourage’s CEO, Philip Schetter, highlighted the significance of the medical cannabis market in Europe, particularly in Germany, stating, “It is important for investors to realize that the only areas in Germany and Europe in which truly profitable and growing business models can be established and monetized are those related to medical cannabis.” He added, “I am not aware of any German company that is growing significantly and operating profitably with seeds, cuttings, and non-commercial association structures.”
Schetter’s statements underscore the company’s confidence in the medical cannabis sector’s potential. The recent legalization of recreational cannabis in Germany has allowed individuals over 18 to legally possess up to 25 grams of dried cannabis and cultivate up to three plants at home. However, Schetter clarifies that “The real legalization of recreational cannabis that contains THC, as is the case in North America, for example, is off the table here for the time being.”
Despite this, Schetter emphasizes the importance of the medical cannabis market. He notes, “Nevertheless, medical cannabis is here to stay and will continue to grow. We are pleased that so many people in Germany have found their way to cannabis therapy in the past few months. This development will definitely continue in the future.”
Cantourage’s commitment to delivering safe and effective cannabis products is evident in its flexible and efficient sourcing model, which it plans to scale up in the coming months. Schetter concludes, “One thing is clear to us: regardless of what happens in the recreational market, the medical market will play the leading role in the years to come in ensuring that people in Germany and other European countries have access to safe, tested cannabis.”
With its record-breaking performance and unwavering focus on the medical cannabis market, Cantourage Group SE is well-positioned to capitalize on the growing demand for safe and effective cannabis therapy in Europe. The company’s success serves as a testament to the significant potential of the medical cannabis sector and its ability to provide a viable and sustainable solution for a growing number of patients seeking alternative treatments.