German cannabis company Cantourage went public last Friday. The share price jumped more than 130% on its first day of trading, making it one of the few most successful IPOs this year.
“We are Cantourage and we love cannabis,” co-founder Florian Holzapfel said as he rang the bell on the Frankfurt Stock Exchange on Friday morning, adding that the company is happy to say “ALTA”, its symbol. The shares were trading at 15 euros on Friday at 1pm and today at around 25 euros.
From medical to recreational
Cantourage distributes several cannabis-based drugs and pharmaceutical-grade CBD products in Europe and in the UK. With 38 partnerships and collaborations with cannabis producers in 17 countries to date, Cantourage offers a very wide range, particularly in terms of cannabis flowers. In 2021 the company with more than 35 employees, which also runs a medical cannabis clinic in Great Britain, achieved a turnover of over 5 million euros. He expects about three times more this year.
Although the company was only founded in 2019, the founders had previously built a well-known cannabis pioneer, Pedanios GmbH, which was then sold to Aurora. At that time, Pedanios ran the first imports of medical cannabis from Canada.
Former CEO of Aurora Europe, Philip Schetter is now CEO of Cantourage. He sees great potential for the future with current developments:
“Cantourage is one of the leading European medical cannabis companies and operates here in a rapidly growing sector. The medical cannabis market alone is estimated to reach € 7.7 billion in Europe by 2028. All markets where cannabis could be sold for adults are many times larger. In Germany alone, this is estimated to be nearly 20 times the current medical cannabis market. Given the rapid growth in demand, we have completed the private placement and will now invest in expanding our cannabis flower production capacity. The planned IPO will also allow investors to participate in the continued growth of Cantourage. “