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Cannovum AG: Cannovum AG establishes cultivation alliance for recreational cannabis in Germany

EQS-News: Cannovum AG / Key word(s): Joint Venture Cannovum AG: Cannovum AG establishes cultivation alliance for recreational cannabis in Germany 02.02.2023 / 08:25 CET/CEST The issuer is solely responsible for the content of this announcement. Cannovum AG (Frankfurt/Xetra, Düsseldorf, Munich, Hamburg, Berlin stock exchanges, gettex: ISIN DE000A2LQU21) is currently founding the premier cultivation alliance for recreational cannabis in Germany. The aim of the alliance:  build a network of companies that will be a strong advocacy group for the cannabis industry and, in the wake of legalization, will rapidly be able to meet the demand for high-quality legal cannabis in Germany. A premium founding partner is Tim Spieker, owner of leading horticulture company Hortensien Spieker.

 

The shared expertise between both cultivators, technology experts and distributors is important for the German cannabis market, as according to the German government's plans, recreational cannabis may only be cultivated in this country. This will establish a market of up to eight billion euros and potentially create 27,000 new jobs. Experts assume that the demand will be enormous, , with an estimated demand of around 400 tons of cannabis per year. Therefore, it will take several years before German producers can fully serve this market and this demand can only be met reliably by prepared, strong companies.

 

That is why Cannovum is helping to ensure that people in Germany can access controlled, high-quality and sustainably produced cannabis products quickly by partnering with specialist companies in the cultivation alliance. This is made possible through the exchange of knowledge and experience as well as the joint commitment to the concerns of the cultivation companies. In addition, an ecologically and climate-friendly method of cultivation is in the foreground. 

 

"We are convinced that cooperation between companies is crucial to promote legal cannabis cultivation in Germany," says Pia Marten, co-founder and CEO of Cannovum AG. "By founding the alliance, we want to contribute to the industry's ability to evolve and quickly meet the demand for recreational cannabis that will arise in the wake of legalization."