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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.