Cantourage Group SE shows strong business performance and high growth momentum in the first half of 2024

EQS-News: Cantourage Group SE / Key word(s): Half Year Results
Cantourage Group SE shows strong business performance and high growth momentum in the first half of 2024
09.07.2024 / 08:00 CET/CEST
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Cantourage Group SE shows strong business performance and high growth momentum in the first half of 2024

• Significant increase in sales revenue to EUR 16.9 million in the first half of 2024 (prior-year period: EUR 11.1 million)
• The main drivers of the strong growth in revenue were in particular the positive development of business activities in Germany and the international business of Cantourage Group SE
• Further dynamic growth expected for the second half of 2024

Berlin, July 09, 2024 – Cantourage Group SE (hereinafter “Cantourage,” ISIN: DE000A3DSV01, www.cantourage.com), a leading European cannabis production and distribution company, significantly increased its sales revenue to EUR 16.9 million in the first half of 2024, a 52% increase compared to the first half of 2023 (H1 2023 revenues: EUR 11.1 million). The highest monthly revenue in the current year to date was generated in June 2024 at EUR 4.1 million, followed by EUR 3.5 million in May 2024 and EUR 3.2 million in April 2024. Sales revenue therefore increased to a total of EUR 10.8 million in the second quarter of 2024, up from EUR 6.1 million in the first quarter of 2024. Overall, Cantourage generated higher revenues in the first half of 2024 than in the entire 2022 fiscal year (full-year 2022 revenues: EUR 14.2 million).

The main drivers of the growth in revenue in the first half of 2024 were the expansion of the cannabis flower business in Germany on the one hand and the overall positive development of business activities in Cantourage’s various European target markets on the other. In the first six months of 2024, Cantourage launched 15 new cannabis flower-based products from 10 cultivation partners. This enabled Cantourage to respond quickly and comprehensively to the changing cannabis demand from patients in the European target markets. In Germany, demand for high-quality cannabis products skyrocketed following the partial legalization of cannabis in April 2024. In addition to strong growth in the German market, Cantourage also benefited from strong growth momentum in the UK in the first half of 2024. Cantourage’s UK business unit is now one of the largest and fastest growing cannabis companies in the UK.

Philip Schetter, CEO of Cantourage: “Our company was able to develop really well in the first half of 2024. Of course, the partial legalization of cannabis in Germany in particular played into our hands as expected. We had prepared ourselves comprehensively and in good time for the respective legal changes. This enabled us to quickly benefit from the changed framework conditions and lay the key foundations for further dynamic growth in the second half of 2024. We have recently significantly expanded our production capacities in particular – firstly by expanding our own production facility and secondly through a strategic partnership with the Portuguese company Portocanna. Cantourage’s total capacity to bring cannabis flowers to its European target markets has thus increased from a maximum of eight to up to 14 tons per year. In general, we expect the increase in cannabis patients in Germany, the UK and other European countries to continue in the coming months – and years. We also firmly believe that our network of premium growers, pharmacies and wholesalers will continue to grow in the future. We have an intact and scalable system from which not only we but also our cooperation partners benefit. Accordingly, I believe there are still many reasons to be very optimistic about Cantourage’s future.”

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 TrackAccess” 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:

Frederick Steudemann

Phone: +49 (0)30 4701 350 - 50

steudemann@cantourage.com
 

09.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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