16-Aug-2024
SYNBIOTIC Annual General Meeting on 20.09.2024: Increasing sales drive growth
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EQS-News: SYNBIOTIC SE
/ Key word(s): AGM/EGM/Development of Sales
In the run-up to the Annual General Meeting, Daniel Kruse, CEO of SYNBIOTIC, gave an initial outlook on current developments and figures: "WEECO Pharma has achieved a 300 percent increase in sales. Our latest acquisition is developing fantastically and is delivering as planned. Hempro International and MH medical hemp are also making excellent progress with sales increases of up to 50 per cent. And we have successfully integrated CannaCare Health into the SYNBIOTIC Group, where sales are also increasing. The intensive work with our portfolio companies over the past few months is paying off." WEECO Pharma plus 300 percent In May 2024, SYNBIOTIC announced the acquisition of WEECO Pharma. Just three months later, one of the most important players for medicinal cannabis on the German and European market is shining with an impressive ca. 300 percent increase in sales compared to the same period last year. The significant increase is largely due to the removal of cannabis from the German Narcotics Act (BtMG). The regulatory change has enabled WEECO Pharma to market its MedCan products more broadly and tap into new market segments. "We had expected sales to rise as a result of the Medical Cannabis Act (MedCanGs) coming into force, but were more than positively surprised by the significant increase in demand," says Börge Diessel, Managing Director of WEECO Pharma. "The second quarter of 2024 was the strongest quarter in the company's history in terms of turnover, sales volume and earnings." WEECO Pharma's results for the current financial year are ahead of its own planning and make the management confident that it will exceed its targets. In the fourth quarter, the WEECO product family will be expanded to include a new product for the medical cannabis market. "This will increase the share of sales based on genetics developed in-house to an expected 70 percent. This shows that our team recognised this need early on and successfully implemented it," explains Börge Diessel. Hempro International and MH medical hemp plus 50 percent The sales curves of SYNBIOTIC's portfolio companies Hempro International and MH medical hemp also rose significantly compared to the same period last year. The rising demand for hemp foods, hemp consumer goods and CBD isolates resulted in sales growth of ca. 50 percent. "People are once again becoming more aware of the health benefits of hemp. With our sustainable products, we are right on trend and are striking a chord with consumers," say a delighted Rebecca Kruse-Rosetti, Managing Director of Hempro International, and Joscha Krauss, Managing Director of MH medical hemp. CannaCare Health at 69 percent The contribution of 69 percent of CannaCare Health GmbH will be formally completed in the next few weeks following a fairness opinion and a non-cash contribution audit by an independent auditor. The integration of CannaCare Health strengthens SYNBIOTIC's position in the growing health and wellness market. CannaCare Health brings extensive expertise, growing sales and a strong product portfolio in the field of CBD health products and hemp consumer goods. This is a decisive factor for the overall innovative strength and market position of the SYNBIOTIC Group. 1,000 percent growth potential without "intoxication clause"? Will the so-called "intoxication clause", also called „misuse clause“, for industrial hemp be removed? The signs are good and so are the opportunities for SYNBIOTIC and all of its investments: "This regulatory change harbours incredible growth potential for the entire industrial hemp sector and therefore of course also for SYNBIOTIC's investments," says CEO Daniel Kruse. "Our investors and shareholders can rest assured - we are well prepared for this scenario!" SYNBIOTIC SE sees the current developments as confirmation of its strategic direction and is optimistic about the future. The sales increases at WEECO Pharma, Hempro International and MH medical hemp as well as the successful integration of CannaCare Health and the potential opportunities arising from the removal of the “misuse clause“ from the law underline the growth potential of the SYNBIOTIC Group. Publisher SYNBIOTIC SE Daniel Kruse, CEO Münsterstrasse 336 40470 Düsseldorf Germany Media contact Rüdiger Tillmann SYNBIOTIC Public Relations Manager E-mail ruediger.tillmann@synbiotic.com Mobile +49 170 9651451 c/o JOLE.group About SYNBIOTIC SYNBIOTIC is a listed group of companies in the hemp and cannabis sector and pursues a buy and build investment strategy focussed on the EU. The Group covers the entire value chain from cultivation to production and retail - from the field to the shelf. The core businesses of the vertically integrated subsidiaries are research and development, production and the commercialisation of hemp, CBD and cannabis products. SYNBIOTIC has a clear pan-European strategy to further expand along the value chains of its business areas - hemp and CBD, medical cannabis and consumer cannabis.
16.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | SYNBIOTIC SE |
| Münsterstr. 336 | |
| 40470 Dusseldorf | |
| Germany | |
| E-mail: | office@synbiotic.com |
| Internet: | https://www.synbiotic.com/ |
| ISIN: | DE000A3E5A59 |
| WKN: | A3E5A5 |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Tradegate Exchange |
| EQS News ID: | 1969805 |
| End of News | EQS News Service |
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Last Updated: 16-Aug-2024
