As Germany moves toward cannabis legalization, Canopy Growth Corp.’s top executive says new legislation could drastically expand the market.
In a press release on Friday, the Smiths Falls, Ont. producer said cannabis will be officially recognized in Germany as a “non-narcotic” as of April 1, allowing adults to consume cannabis legally.
David Klein, the Canopy Growth CEO, said in an interview with BNN Bloomberg on Friday that the company is already a significant part of the country’s medical cannabis market. He said the legislation makes it easier to access medical cannabis and will allow some level of at-home growing, as well as social clubs in Germany.
“We think that it's going to take the market from a little bit less than a $500-million market to over a $2.5-billion market over the next two years,” he said.
“Most of that volume is going to come through the medical and pharmacy channels where our business is very strong.”
In the release, Canopy also highlighted opportunities for its commercial presence in the area through its Storz & Bickel vaporizer brand.
“This pivotal change promises a safe and legal environment for cannabis consumption and will also propel Storz & Bickel - our world-leading and proudly German brand - to new heights, providing the highest quality vaporization devices to adult use and medical consumers,” Klein said in the release.
Klein said that over the past few years, Canopy has “reset” its business in an effort to take advantage of potential regulatory changes across Germany, the U.S. and Canada.