News of Germany’s move to legalize limited cannabis possession and consumption for adults sent ripples through the cannabis industry, particularly in the U.S. While the legislation prohibits commercial sales for now, executives see it as a positive step towards broader European legalization, potentially boosting their businesses.
Shares of Curaleaf Holdings CURLF, the largest US cannabis company by market cap, rose 3.1% on Friday. CEO Boris Jordan praised the development, highlighting its potential domino effect on other European markets. Curaleaf already has a presence in Germany through its 2022 acquisition of Four 20 Pharma, and its prior purchase of EMMAC, which boasts vertically integrated operations in Europe — UK, Germany, Italy, Spain and Portugal
“Big step today in Germany with the removal of cannabis from the narcotics list – the 2nd G7 country to do so. Incredible that the US is still behind Canada and Germany!” Jordan wrote on X, formerly Twitter. “The opportunity in Germany is significant; Curaleaf is prepared w/ a first-mover advantage & the infrastructure to support both the anticipated huge growth in medical demand and potential for future adult use!”
Other US cannabis stocks also experienced gains: Trulieve Cannabis Corp. TCNNF (6.4%), Green Thumb Industries GTBIF (1.5%) and Cresco Labs CRLBF (3.9%). Notably, Tilray TLRY and Aurora Cannabis (NASDAQ: ACB), Canadian companies already supplying Germany, showed mixed results (Tilray down 2.5%,…
