Welcome to Enterprise of Hashish’ new weekly strategic digest monitoring the monetary well being, market strikes, and company developments shaping the European hashish sector.
Earnings season is in full swing throughout the enterprise world, and the hashish sector isn’t any exception. We’ll be monitoring the efficiency of Europe’s most vital hashish gamers over the following few weeks to offer an outline of how 2025 is shaping up within the sector.
The frenetic tempo of firm updates comes because the trade prepares to descend on Berlin and London for European Hashish Week the place the newest insights from the world’s main voices will take centre stage throughout 4 separate occasions going down from June 19-25.
For additional real-time updates on market dynamics, market sizing and evolving laws, pre-orders for the soon-to-be-launched digital report from Prohibition Companions at the moment are obtainable right here.
Jazz Prescribed drugs
On Could 06, pharmaceutical behemoth Jazz printed its earnings for Q1 2025, lacking analyst estimates on a number of efficiency indicators, together with gross sales of Epidyolex, although income nonetheless grew by double digits.
Within the three months to March 31, 2025, Jazz reported complete revenues of $897.8m, barely down from the $902m in the identical interval a 12 months earlier, lacking consensus estimates by round 8.5%.
Moreover, its GAAP internet lack of $92.5m was considerably increased than the $14.6m loss reported in Q1 2024, whereas earnings per share (EPS) got here in at $1.68, effectively under estimates of $4.51.
In response to the corporate, its earnings had been impacted by $172m in bills associated to Xyrem antitrust litigation settlements.
As for its cannabinoid merchandise, its flagship drug Epidyolex noticed gross sales enhance by 10% year-on-year to $217.7m, although this fell wanting consensus estimates by round 6.5%.
Nonetheless, a separate evaluation from Delveinsight means that whereas Epidyolex is about to proceed dominating the trade and being a key earner for Jazz within the close to future, a rising variety of viable various therapies within the uncommon epilepsies, significantly from bexicaserin and zorevunersen, which at the moment are advancing by way of late-stage growth, might pose a reputable risk sooner or later.
In the meantime, Jazz’s different main cannabis-based Sativex was one in every of its main development mills within the interval, seeing gross sales almost double (up 98%) to $5.4m.
Cantourage
In the meantime, the booming German market has seen one in every of its main operators, Cantourage, proceed its run of record-breaking outcomes.
Right now, it reported that April 2025 was as soon as once more essentially the most profitable month in its historical past, the second consecutive record-beating month in a row, reaching revenues of €11.1m.
This got here off the again of €10.7m revenues in March, marking the primary double-digit month-to-month gross sales for Cantourage, alongside its finest quarter to this point all through the primary three months of 2025.
In Q1, the Berlin-based distributor reported gross sales of €25.6m, almost half of its complete 2024 gross sales (€51.4m), which itself represented a 118% enhance from 2023.
The corporate mentioned in its newest replace that demand for its hashish flowers continues to develop considerably, ‘each in Germany and in dynamically rising worldwide markets reminiscent of the UK and Poland’.
Evaluation from NuWay’s AG’s Christian Sandherr suggests that its quarterly figures comfortably exceeded its expectations of €22m.
Sandherr continued that this outsized development was the outcomes of de-bottlenecking efforts in the course of the previous few months, as Cantourage’s work to lift its processing capacities at its German web site bore fruit.
“Securing enough provide (incl. processing capacities) might permit Cantourage to achieve the €100m gross sales degree already this 12 months,” he added.
As for the businesses profitability, which wasn’t reported, Sandherr mentioned he expects additional enchancment to margins as scale begins to kick in, projecting an EBITDA of round 10% for Q1 (implying an EV/EBITDA a number of of 5.2x) ‘regardless of ongoing investments in development’.
Trying forward, the analyst believes that because of the ‘higher than anticipated begin to the 12 months’ alongside ‘unbroken demand’, its gross sales forecast for the total 12 months has elevated from 67% to 81%, implying gross sales of €93m.
InterCure
In the meantime, Israel’s largest operator reported a return to development within the first quarter of the 12 months, following extreme disruption to its operations in 2024 amid the Israeli-Gaza struggle.
In its newest set of outcomes, which included each the FY 2024 and Q1 2025 figures, Intercure reported revenues of NIS 239m in 2024 and an adjusted EBITDA of NIS 24m, 10% of annual income.
This marked a 33% decline in revenues in comparison with 2023 (NIS 356m), whereas EBITDA dropped by 60% year-on-year, attributed to a halt in manufacturing and distribution following injury to its infrastructure.
As a part of a authorities compensation scheme, InterCure obtained NIS 82m, with additional restoration funds anticipated that would high NIS 100m.
In Q1, revenues are anticipated to exceed NIS 70m, marking 25% development on the earlier interval, and a return to constructive EBITDA.
Trying forward, InterCure has reiterated plans for worldwide enlargement through its strategic partnership with US big Cookies, with product launches anticipated within the UK and Germany.
The corporate reportedly plans to open ‘Cookies Corners’ inside licensed pharmacies and launch new branded digital retail platforms throughout Europe.
