Cantourage goes public in Frankfurt

German cannabis company Cantourage went public last Friday. The share price jumped by over 130% on its first day of trading, making it one of the few most successful IPOs this year.

«We're Cantourage and we love cannabis,» said co-founder Florian Holzapfel as he rang the Frankfurt Stock Exchange bell on Friday morning, adding that the company is happy to say «HIGH», its stock symbol. Shares were trading at 15 euros on Friday at 1 p.m. and today at around 25 euros.

From medical to recreational

Cantourage distributes several cannabis-based medicines and pharmaceutical-grade CBD products in Europe and Asia. in Great Britain. With 38 partnerships and collaborations to date with cannabis growers in 17 countries, Cantourage offers a wide range of products, including cannabis flowers. In 2021, the company of over 35 employees, which also operates a medical cannabis clinic in Great Britain, achieved sales of over 5 million euros. It expects to triple this figure this year.

While 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 the time, Pedanios had been managing the Canada's first medical cannabis imports.

Former CEO of Aurora Europe, Philip Schetter is now CEO of Cantourage. He sees great potential for the future in current developments:

«Cantourage is one of Europe's leading medical cannabis companies and operates here in a fast-growing sector. According to estimates, the medical cannabis market alone will reach 7.7 billion euros in Europe by 2028. All the markets in which cannabis could be sold for adults are several times larger. In Germany alone, it is estimated that this represents almost 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 manufacturing capacity. The planned IPO will also allow investors to participate in Cantourage's continued growth.»