As Q2 2025 figures proceed to roll in, the stark distinction between firms working within the UK and Germany have gotten more and more obvious.
Whereas there are undoubtedly modifications on the horizon for the German market, its largest gamers are persevering with to experience the wave of demand because the medical market continues one of many quickest and most important durations of development seen within the {industry}’s brief historical past.
Regardless of its established place because the second-largest medical hashish market in Europe, the expertise of many UK firms, notably these listed publicly, is much much less forgiving.
Celadon Prescription drugs
UK medical hashish cultivator Celadon Prescription drugs has voted to delist its shares from public buying and selling, following months of monetary turmoil and funding woes.
In an announcement issued on 1 July, the corporate introduced plans to cancel the admission of its peculiar shares buying and selling on AIM efficient 8 August, pending shareholder approval at a basic assembly on 28 July.
On the time, the corporate stated: “The Chief Govt Officer of the Firm believes the proposed cancellation… to be in the very best pursuits of the Firm and its shareholders.”
In a market assertion on August 08, Celadon confirmed that shareholders had voted to approve this motion, which can now see the corporate reregister as a personal entity.
In a separate assertion, Celadon additionally confirmed that Chair Alexander Anton has resigned from his place efficient instantly, leaving simply CEO James Brief on the board. This comes after greater than 40% of shareholders voted towards his re-election at its current AGM.
Celadon’s delisting marks the most recent in a string of British hashish and biotech corporations to exit in current months, marking an growing development in the direction of non-public funding.
Requested about this rising development, and whether or not we might see the few remaining European-listed hashish firms comply with go well with, Anthony Coniglio, co-founder and CEO of NewLake Capital Companions, and one of many {industry}’s main voices on hashish capital markets and regulatory technique, instructed Enterprise of Hashish that many firms merely had no selection.
“They’d love to avoid wasting the cash and go non-public, however their choices are very restricted. Sure, they may de-list, however with a big shareholder base they’d nonetheless want a lot of the identical equipment to speak with these traders.
“This isn’t a ‘go non-public’ state of affairs the place a personal fairness agency buys the corporate, takes it off the market, and you’ll dismantle your investor relations workforce since you solely have a handful of traders. That’s not the case right here — there’s merely no capital obtainable to take these firms non-public.
“With delisting, you additionally must navigate approval necessities, and also you danger angering shareholders who’re out of the blue left with no liquidity — even when the inventory’s efficiency hasn’t been nice.”
“Administration groups are going to hesitate earlier than going non-public if there’s any likelihood of a catalyst that might ship their inventory worth hovering.
“One unknown is how MSOs match into this. Many personal stakes in these firms, however I’m unsure if they may legally personal non-public entities. You’d must dig into the principles — and even then, how would they unwind their positions?”
SEED Improvements
SEED Improvements has develop into the newest hashish firm to announce plans to shift its focus away from the {industry} in the direction of the rising synthetic intelligence sector.
In a round printed on July 18, the AIM-listed funding agency, which has till now largely targeted its technique on hashish and biotech ventures, unveiled its plans for a significant strategic pivot.
The announcement got here alongside proposals for a Tender Supply to purchase again as much as 45% of its issued share capital, offering an off-market exit at a premium to current share costs.
Each might be put to a vote at SEED’s upcoming Annual Normal Assembly (AGM) on August 13, 2025.
This shift follows a difficult 2024 and elevated involvement from former chairman Jim Mellon, who has now grown his stake within the firm to over 20%.
Mellon is ready to rejoin the board alongside Denham Eke, changing outgoing CEO Ed McDermott and govt Alfredo Pascual, each of whom will assist the transition over the approaching months.
The brand new course is a marked change from the corporate’s place in January, when McDermott described 2024 as ‘tough,’ however reiterated SEED’s ‘industry-agnostic buying and selling technique’ and pointed to ‘promising’ funding alternatives throughout numerous sectors.
On the time, he highlighted a capital hole going through early-stage ventures however remained optimistic about backing scalable firms able to delivering significant exits inside 24 months.
Synbiotic SE
Because the German medical hashish market reels from threats of a clampdown on telehealth prescribing, a significant driver of development within the flourishing market, multi-brand operator Synbiotic SE has assured traders of its strong market place.
In a market replace from July 29, CEO Daniel Kruse stated the group’s technique presents traders publicity to ‘two billion-euro development’ markets, together with each medical hashish and industrial hemp.
Instantly addressing the authorities’s plans to amend the Medical Hashish Act (MedCanG), Synbiotic says that whereas it ‘rejects a few of the proposed amendments to the draft as incorrect, extreme and pointless’, it sees a major alternative in reasonable adjustment of the present authorized scenario.
“Our enterprise mannequin is designed in such a approach that, in parallel with our distribution technique incorporating telemedicine points, there’s a sturdy deal with private care and recommendation from native pharmacies. Which means that even when the present draft regulation is carried out, the potential restrictions might be considerably much less extreme for our operational enterprise than for a lot of of our rivals,” says Tony Schröter, co-managing director of Weeco Pharma, a subsidiary of Synbiotic.
The corporate reiterates that the draft regulation confirms the Group’s strategic course of bodily distribution by way of pharmacies ‘which can proceed to be authorised to dispense pharmaceuticals even after a attainable change within the regulation, is and can stay an integral a part of the enterprise mannequin’.
As such, Stenocare is now projecting an formidable threefold enhance in income by 2027, with group turnover forecast to hit €48 million by 2027, up from €16 million in 2024, whereas aiming for optimistic EBITDA by mid-2026, with margins exceeding 10% by 2028.
In hemp, Synbiotic sees additionally ‘huge potential’ from regulatory tailwinds, notably anticipated German reforms and EU approval of CBD as a novel meals. Demand for hemp meals and feed is already up 300–400% year-on-year, the corporate stated.
Cantourage GMBH
Elsewhere in Germany, Cantourage Group SE has delivered one other file quarter, with Q2 2025 income reaching €27.9 million, bringing complete income for the primary half of the yr to €54 million, already exceeding the corporate’s full-year 2024 income of €51.4 million.
Based on a transient, unaudited monetary replace from July 10, the second quarter marked a 130% year-on-year enhance in comparison with Q2 2024, when income stood at €12 million.
The primary quarter of 2025 had already set a excessive bar. In April, Cantourage reported Q1 income of €25.6 million, with March gross sales exceeding €10.7 million, its first month above the €10 million threshold, nicely forward of its earlier file of €8.5 million in December 2024.
A Might replace additionally revealed that by the tip of April, cumulative income had topped €36 million, whereas reporting a preliminary EBITDA margin of 11–13% in Q1 2025, marking its greatest efficiency up to now.
As certainly one of Germany’s largest importers and distributors of medical hashish, Cantourage is driving the wave of the brand new torrent of hashish coming into Germany.
Final week, Enterprise of Hashish reported that the blistering development of Germany’s medical hashish sector confirmed no indicators of abating via the second quarter of 2025, with imports rising one other 15% to hit new information.
New figures from the Federal Institute for Medication and Medical Units (BfArM), printed this week, confirmed that the full amount of medical hashish flower imported into Germany via April, Might and June hit 43.3 tonnes, up from 37.5 in Q1.
Nevertheless, this exponential development might quickly be tamed, because the German authorities prepares to impose controversial restrictions on telehealth prescriptions, seemingly resulting in dramatic oversupply in an already saturated market.
