CANTOURAGE has become the third and largest major European medical cannabis operator to go public this year, as investment confidence in the cannabis sector shows further signs of recovery.
The young German company officially announced plans to go public on Frankfurt Stock Exchange (FSE) on November 10, before launching its shares on the ‘scale’ segment of the market a day later on Friday November 11.
It now joins German stablemate Synbiotic and Danish operator Stenocare on the FSE, and marks the second major investment in German cannabis in as many months despite the ongoing financial crisis across the continent.
Cantourage’s CEO Philip Schetter, who is expecting the company to triple its revenues this year, said that the listing ‘marks the start of the next phase in Cantourage’s growth story’, as it takes aim at the upcoming recreational market and expansion into Europe.
Cantourage is understood to have made a total offering of 12,467,479 shares, the vast majority of which were offered privately prior to last week’s public offering.
This private placement, thought to have taken place in late summer, saw high-net worth individuals and family offices participate, with ‘company circles’ at the time suggesting the company was valued at close to €100m.
On Friday, the company made ‘approximately 15%’ of its total bearer shares available in free float on the open market of the FSE under the ticker symbol HIGH, equating to around 1.9m shares.
These were listed for €6.48 on the scale segment of the market, similar to the London Stock Exchange’s AIM market where small and medium sized companies can access capital.
The listing price of €6.48 valued the company at just over €80m, on a reported turnover in 2021 of €5.2m.