The startup specializing in medical cannabis, Cantourage, from Berlin, debuted this Friday (11) on the Frankfurt Stock Exchange. This milestone comes as Germany aims to legalize recreational use of the substance in 2024.
“We love marijuana!” said Florian Holzapfel, co-founder and member of the group’s supervisory board, during a speech at the Frankfurt Stock Exchange, before ringing the bell that marks the first quotations.
The company placed 2 million shares, equivalent to 15% of its capital, in the “Scale” segment of the Frankfurt Stock Exchange, dedicated to small and medium-sized companies.
With this initial public offering (IPO), Cantourage wants to “strengthen” its production capabilities in a booming market as more and more countries legalize medical cannabis.
The company also intends to “prepare for the legalization of recreational cannabis” in Germany, which could significantly expand its market.
About 30 countries around the world, including Germany, authorize the medical use of cannabis. However, non-therapeutic use is much less widespread. In Europe, only Malta has launched a legalization process.
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