This is the second in a two-part series on the opportunities in markets outside of North America. Read part one here.

While Germany is often the first non-North American country that comes to mind when discussing global cannabis opportunities, it’s far from the only one.

Take the European Union, for example. The partnership, which currently includes 27 countries, has taken a very formal approach to allowing cannabis use across the union, according to Jamie Pearson, founder of global consulting firm New Holland Group.

Pearson told Green Market Report that she was able to fill a cannabis prescription while overseas, and with her medical card, she can carry cannabis with her – even in Switzerland which is not an EU member.

“What’s exciting is that the recreational pilot programs are starting, so they’re fully underway in Switzerland, fully underway in the Netherlands,” Pearson said. “They’re all doing it in conjunction with universities and doing data analysis of different elements of the program, and they’re going to use five years of data or 10 years of data to inform how the final law should be written.”

The global opportunities may be growing, but each market still has its own distinct approach to fostering cannabis business opportunities.

International outlook

Australia

Australia legalized the cultivation of cannabis for medicinal and scientific purposes in 2016. Since then, “Australia has been a strong medical market for operators driven by patient growth in the Authorized Prescriber (AP) pathway,” Alliance Global Partners wrote.

Patient approvals were expected to reach roughly 800,000 in 2024, which would be up 21% from 2023.

“Outside of greater medical patients and prescribers, operators under coverage would benefit from reduced competition via greater enforcement from the government on noncompliant products in the marketplace (i.e., not GMP certified),” the firm wrote.

Israel

On April 1, 2024, Israel implemented medical cannabis reform that switched cannabis to a prescription model rather than a license model. This allows all specialists to prescribe cannabis and for cannabis to no longer be a last resort medication. As a result, the number of patient licenses in the country reached an all-time high of 137,940 in December 2024.

Israel had become a huge importer of cannabis, but in November 2024, the Israeli Ministry of Economy proposed a 175% anti-dumping levy on imported cannabis from Canada to protect local growers and manufacturers. This has resulted in some companies reducing their exposure to the market.

The Israel-Hamas War also created disruption in the region, with at least one operator – InterCure – reporting direct damage.

Czech Republic

Medical marijuana has been legal in the Czech Republic since 2013, but the program is slated to expand in April, with general practitioners allowed to prescribe medical cannabis rather that just specialized doctors.

The country is supplied in part by imports from Canadian operators like Tilray and Aurora Cannabis (NASDAQ: ACB).

Denmark

Denmark initiated a four-year medical cannabis pilot program in January 2018 and then extended  it through 2025. However in November 2024, Denmark’s government announced plans to make the medical pilot program permanent.

Aurora has established a significant presence in Denmark through its subsidiary, Aurora Nordic Cannabis A/S, based in Odense. Avicanna (OTC: AVCNF) also has a subsidiary in the country and has completed exports of its Aureus-branded cannabigerol (CBG) into Denmark, contributing to the diversity of medical cannabis products available in the country.

France

AGP noted in its outlook that France recently extended its medical cannabis pilot program (1,800 patients) by seven months, meaning it will now end on July 31.

“France’s official medical cannabis program was expected to launch in 2025, but now remains uncertain as it was not mentioned in the country’s budget, amid political change in the country,” the report noted.

Companies that do business in France include: Aurora, Tilray, UK-based Emmac Life Sciences and Australian companies Althea and Little Green Pharma. 

Luxembourg

Luxembourg became the second European nation to fully legalize adult-use cannabis by way of parliament in 2023. The rules allowed for limited possession and consumption, as well as self-cultivation.

According to Cannintelligence, “Luxembourg is undergoing changes in its medical cannabis regulations. Starting in January 2025, the country plans to discontinue prescriptions for high-THC cannabis flowers, shifting the focus to oil extracts for patient safety and precise dosing.”

Companies that export to Luxembourg include Aurora, Tilray and Canopy Growth.

Malta

Malta became the first European nation to fully legalize marijuana by way of a parliamentary vote in 2021. Sales are strictly limited to nonprofit organizations with a monthly limit of 50 grams of product per customer each month and 250 members per club.

Still, Canadian company Aphria was issued the first medicinal cannabis producer license in Malta, and an Israeli company, Panaxia, has established a production facility in Malta.

Netherlands

Medical cannabis has been legal in the Netherlands since 2003 and recreational use is “tolerated” in coffee shops across the country.

The Netherlands officially launched its adult-use cannabis pilot program in 10 cities in 2023 – an effort to formalize the framework. In April, that program will move to the experimental phase, where only 10 licensed cultivators will be allowed to supply the coffee shops; sales of unregulated products will no longer allowed.

Several Canadian companies have established themselves in the country, including Village Farms International through its subsidiary Leli Holland. Aurora, through its subsidiary Aurora Nederland B.V., acquired a significant equity stake in Growery B.V., one of the 10 license holders in the Dutch experiment.

Poland

Poland legalized medical cannabis in 2017, allowing doctors to prescribe the plant to patients and sales occurring through pharmacies. For 2024, the country nearly doubled its medical cannabis import limits.

U.S.-based Curaleaf expanded into the Polish market by acquiring Can4Med, a pharmaceutical wholesaler specializing in cannabinoid medications. Aurora Cannabis has registered four flower varieties, and Canopy Growth has registered two.

Switzerland

Switzerland allows medical marijuana and cannabis flower with less than 1% THC, which it calls CBD cannabis.

The country is also currently running seven adult-use pilot programs with more than 17,000 participants. The most recent and largest pilot (7,500 participants) will occur in Zurich in May.

This is the first in a two-part series on the opportunities in markets outside of North America.  

The U.S. cannabis market continues to be the largest in the world, but uncertainty around legalization and illicit market competition persists. In addition, sales have begun to soften in other markets, like Canada, where sales have dropped due to increased licensed competition and lower prices.

That has some companies looking elsewhere for growth opportunities.

“International could become a more meaningful contributor to operators’ P&Ls in 2025, with the ramping of Germany post-reform on 4/1/2024, other medical markets such as the U.K., Australia and Poland ramping, and the Netherlands continuing its adult-use pilot launch,” Alliance Global Partners wrote in its 2025 Outlook.

Of those, according to AGP, Germany may offer the best opportunity.

Germany’s buzzing

According to the report, Germany has seen greater patient counts, more doctors prescribing cannabis and a larger number of pharmacies distributing cannabis. The country increased its total cannabis imports to 20,000 kilograms in the third quarter of 2024, more than double the quarterly average prior to the April reform.

In addition, the report highlighted that, in December 2024, German Federal Minister of Food & Agriculture Cem Özdemir signed a regulation that allows the Federal Office for Agriculture & Food to approve and monitor the use of cannabis for scientific reasons in research projects, even without a specific medical purpose.

Of course, cannabis being cannabis, there could be some hiccups in the new market. Germany will hold federal elections this month, and under a new administration there is a risk of rolling back cannabis research and the next planned phase for cannabis could be canceled.

The German market is also susceptible to price contraction like in other legal markets. Germany-based medical cannabis telehealth platform Bloomwell released a report in January that pointed out that market prices in the fourth quarter reached a new low.

“Patients could get high-quality medical cannabis from as little as 3.99 euros per gram. The average price in November was 8.35 euros, cheaper than the 9.27 euros at the beginning of the year,” the report said.

In more positive news, the report also highlighted that despite a rapid increase in demand from more prescriptions, there were no supply bottlenecks in 2024.

Canadians go German

Several Canadian companies are already capitalizing on Germany’s quickly growing market. For example, Aurora Cannabis Corp. (NASDAQ: ACB) is active in all key European medical cannabis markets, including Germany. It is one of three active German producers of medical cannabis, and in July, it received its production and R&D license under the new cannabis law.

Tilray noted in its last financial filing that it is “well-positioned in Germany.” It is also one of the three licensed manufacturers in the country and its subsidiary Aphria RX received the first cultivation license there. The company told investors that for the six months ending in November 2024, it had international revenues of C$27.1 million, up from C$26.2 million a year before, led by higher sales in Germany.

Organigram Holdings (NASDAQ: OGI) also sees an opportunity in Germany. In the company’s amended annual MD&A from December 2024, the company said its international sales had increased sequentially throughout fiscal 2024 and “established a foothold in the rapidly growing German cannabis market through a $21 million investment in Sanity Group.”

The company also said, “The anticipated EUGMP certification of Organigram’s Moncton Campus is also expected to drive the growth of its international revenue.”

Canopy Growth Corp. (NASDAQ: CGC) recently reported that its International markets revenue was $12 million in the third quarter of fiscal 2025, as compared to $10.5 million in 2024. The company attributed the boost to increased shipments of flower products in Europe, driven by Poland and Germany. Canopy also owns German vape company Storz & Bickel, which saw increased sales, in part due to German growth.

Cronos Group also sells products in Germany, but it doesn’t specifically break out those sales figures in its latest earnings report. Instead, the company simply said it had higher sales in Israel and other international markets including Germany and the U.K.

In January, Green Market Report wrote that High Tide (Nasdaq: HITI) (TSXV: HITI) was jumping into the German medical marijuana program by buying 51% of Purecan GmbH for approximately 4.8 million euros, with an option to acquire the remaining interest in the company later.

IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) announced in October 2024 that its preliminary sales results in Germany by its German subsidiary, Adjupharm GmbH (IMC Germany), for the third quarter significantly exceeded expectations, showing a remarkable 50% increase in revenue compared to the second quarter, when IMC Germany sold about C$3.5 million.

And it’s not just the Canadians eyeing Germany’s potential. Florida-based Flora Growth Corp. (Nasdaq: FLGC) did an all-stock acquisition of TruHC  to provide the company with a strong foothold in the German market and the broader European cannabis landscape.

Germany isn’t the only international market with green shoots of promise. In part two of this story, we look at the various international markets for cannabis.

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) posted record quarterly revenue and net income in its fiscal third quarter, buoyed by strong international medical cannabis sales growth and improved margins. The news sent shares up over 30% in Wednesday pre-market trading as of press time.

The Canadian cannabis producer reported Wednesday that total net revenue rose 37% to $C88.2 million in the quarter ending Dec. 31, versus C$64.4 million in the same period last year. That beat expectations of C$80.01 million by 10.2%, according to Yahoo Finance’s average estimate.

Medical cannabis revenue, which accounted for 77% of total sales, jumped 51% year-over-year to C$68.1 million, with international medical sales more than doubling to C$40.9 million.

“This quarter was record-breaking for Aurora, driven by all-time highs in global medical net revenue,” CEO Miguel Martin said in a statement.

The company swung to net income of C$31.2 million from a loss of C$17.1 million a year earlier. Adjusted EBITDA increased more than fourfold to C$23.1 million.

Aurora said it generated positive free cash flow of C$27.4 million in the quarter, achieving a key financial target. The company maintained a strong balance sheet with C$180 million in cash.

Consumer cannabis revenue declined 15% to C$9.9 million as Aurora prioritized medical sales. Plant propagation revenue from subsidiary Bevo Farms grew 22% to C$8.9 million.

Aurora expects continued revenue growth in its cannabis business, supported by international medical sales expansion. The company projects “modestly positive” free cash flow amid ongoing cost discipline.