Europe’s medical cannabis markets are already awash with cheap, plentiful, and often repurposed consumer-focused cannabis from Canada’s largest producers.
In the second quarter, Canada remained the dominant supplier of cannabis to Germany, seeing volumes increase by over a quarter in Q2, totalling over 20 tonnes, nearly half of the total for the period.
Similarly, in 2024, Canadian exports to the UK jumped from 59kg to over 2.5 tonnes, a story that is mirrored across Europe.
With local producers struggling to compete with these North American giants, able to supply vast volumes at low cost, there is growing pushback against these imports from both the industry and governments.
In markets like Israel and Australia, talk of imposing a tariff on Canadian cannabis continues to grow, while markets less bothered by the influx of cheap imports, like Germany, are now facing dramatic oversupply.
The European medical market has long been a way for these Licensed Producers (LPs) to supplement their incomes, offering much higher margins than the highly competitive, saturated, and highly taxed domestic market.
Despite growing pushback against this torrent of cheap cannabis, Canadian LPs are actively ramping up their efforts to expand their market share in Europe as the rewards continue to outweigh the costs.
One of Canada’s largest cannabis retailers, High Tide (HITI), announced plans to launch the largest M&A deal in its history this month, seeing it shoehorning its way into Europe’s largest market.
On August 15, High Tide announced its entry into Germany through the acquisition of a majority stake in Remexian Pharma GmbH, one of the country’s largest importers and distributors.
Aside from marking one of the largest cannabis M&As of 2025 so far, several analysts have suggested that this could be the first domino of Germany’s long-touted market consolidation.
When the deal closes in the coming weeks (subject to regulatory approvals), High Tide will acquire 51% of Remexian for an estimated €27.2m, valuing the German wholesaler at around €53.4m.
Remexian is a major part of Germany’s cannabis import ecosystem and holds licences to import cannabis from nearly 20 markets, alongside having its own EU-GMP warehouse for processing.
In Q2 alone, it was responsible for seven tonnes of imported cannabis, meaning 16% of the total cannabis coming into Germany came through Remexian.
Over the six months to March 2025, Remexian reported revenues of €70m in revenue and €15m in adjusted EBITDA in the six months to March 2025.
By extension, this now gives the Canadian discounter an immediate and significant foothold in the German market, which its CEO, Raj Grover, has suggested could provide a springboard to enter additional markets.
High Tide projects the deal will add roughly C$100m in topline annual revenues. In preliminary guidance for Q3 released last week ahead of its full earnings release next month, the company says it is expecting record revenues and continues EDBITDA growth.
Its Canadian stablemate Tilray, which already has a vast and influential global presence, today revealed plans to further expand its presence in Germany, just days after announcing its expansion into the less forgiving Italian market.
Tilray Medical, a subsidiary of its namesake credited with building the first GMP-certified cannabis production facilities in Portugal and Germany, announced the introduction of three new EU-GMP certified cannabis flower products for patients in Germany under its Good Supply brand: Good Supply Cannabisblüten THC 22 IIM, THC 25 MMK, and THC 18 LLD.
The products, available in both 15 g jars for patients and 500 g packs for pharmacies, will roll out sequentially from early September through October. Tilray said the new strains expand its Good Supply portfolio, a leading brand in Canada now being adapted for German medical use.
On August 13, Tilray also strengthened its presence in Italy through a new partnership between its subsidiary FL Group and Florence-based Molteni Farmaceutici, a pharmaceutical company specialising in pain therapies and substance dependence.
The agreement will see Molteni leverage its extensive scientific and medical network to provide targeted education on medical cannabis therapies, while Tilray will supply EU-GMP certified cannabis extracts across Italy.
This comes after Tilray became the first company to receive official authorisation from the Italian Ministry of Health to import and distribute proprietary Tilray Medical-branded cannabis flower for therapeutic use in June.
Through its subsidiary FL Group, three EU-GMP certified varieties are now available for prescription in Italian pharmacies: Tilray THC 25%, Tilray THC 18%, and Tilray THC 9%/CBD 9%.
Beyond Europe, Tilray’s stock has attracted renewed attention in recent weeks, doubling in value amid reports that the Trump administration is considering a federal reclassification of cannabis to Schedule III.
Analysts suggest such a move could allow Tilray to double revenues within three years, rising from $821 million to around $1.65 billion, as tax burdens under Section 280E are lifted, banking access improves, and institutional participation increases.
Exports are also growing across the pharmaceutical market, with MediPharm Labs reporting earlier this month that its international arm accounted for the majority of its revenue in Q2.
The Canadian pharmaceutical company, which specialises in the development and manufacture of concentrates, APIs and advanced derivatives, operates supplies medical cannabis to patients in Canada, Germany, Australia and seven other international markets, with a growing focus on exports.
In Q2, Medipharm reported net revenue of $11.8m, a 14% year-over-year increase, with international medical cannabis sales topping $6.7m (57%) led by Germany ($3.2m) and Australia ($3m).
Year-to-date, international medical sales reached $12.7m, a 66% increase on the same period in 2024, driven by higher dronabinol and flower sales in Germany and Australia.
CEO David Pidduck said the results reflected “continued momentum in international markets” despite the distraction of a proxy contest during the quarter.
Other Canadian producers, like Greenway, are behind their counterparts in terms of their international presence, but are increasingly pivoting their operations towards Europe.
Greenway, a federally licensed cultivator and majority-owned subsidiary of Sunrite Greenhouses, specialises in cultivating, bulk packaging, and wholesaling dry cannabis flower to other licensed Canadian companies.
The company operates an indoor nursery and greenhouse facility, holding CUMS- Grow Access Project and GACP certification to meet international distribution standards. Recent supply agreements with partners such as 4C Labs in the UK highlight Greenway’s export ambitions, while finished goods inventory of over 1.2 million grams positions it to serve both domestic and overseas markets.
In Q1 2025 (three months to June 30), Greenway posted snet revenues of $1.6m, down 32% from the same period last year, reflecting a 56% decline in volumes sold.
Despite this, average sales price per gram rose 54% to $1.71, supporting a gross margin of 50% and narrowing the company’s net loss to $166,000, a 69% improvement year-over-year.
Like many of its competitor, wracking up losses in the Canadian market, Greenway is increasingly positioning itself for international sales.
On July 31, 2025, Greenway signed a supply agreement with UK importer 4C Labs to provide dried flower to the country’s medical market, adding to previously announced international ambitions, including earmarked shipments for Australia. The company received CUMS- Grow Access Project and GACP certification in 2024, enabling it to export to markets that require strict international standards.
With more than 1.2 million grams of finished goods inventory valued at $1.17 million, Greenway says it is well placed to meet upcoming purchase orders both domestically and abroad.
Its president, Carl Mastronardi, highlighted that the company is ‘well-positioned to capitalise on both domestic and international opportunities’ through recent export agreements.
The post The Canadians are Coming: Europe Grapples With Growing Wave of Canadian Cannabis appeared first on Business of Cannabis.
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In the second quarter, Canada remained the dominant supplier of cannabis to Germany, seeing volumes increase by over a quarter in Q2, totalling over 20 tonnes, nearly half of the total for the period.
Similarly, in 2024, Canadian exports to the UK jumped from 59kg to over 2.5 tonnes, a story that is mirrored across Europe.
With local producers struggling to compete with these North American giants, able to supply vast volumes at low cost, there is growing pushback against these imports from both the industry and governments.
In markets like Israel and Australia, talk of imposing a tariff on Canadian cannabis continues to grow, while markets less bothered by the influx of cheap imports, like Germany, are now facing dramatic oversupply.
The European medical market has long been a way for these Licensed Producers (LPs) to supplement their incomes, offering much higher margins than the highly competitive, saturated, and highly taxed domestic market.
Despite growing pushback against this torrent of cheap cannabis, Canadian LPs are actively ramping up their efforts to expand their market share in Europe as the rewards continue to outweigh the costs.
High Tide
One of Canada’s largest cannabis retailers, High Tide (HITI), announced plans to launch the largest M&A deal in its history this month, seeing it shoehorning its way into Europe’s largest market.
On August 15, High Tide announced its entry into Germany through the acquisition of a majority stake in Remexian Pharma GmbH, one of the country’s largest importers and distributors.
Aside from marking one of the largest cannabis M&As of 2025 so far, several analysts have suggested that this could be the first domino of Germany’s long-touted market consolidation.
When the deal closes in the coming weeks (subject to regulatory approvals), High Tide will acquire 51% of Remexian for an estimated €27.2m, valuing the German wholesaler at around €53.4m.
Remexian is a major part of Germany’s cannabis import ecosystem and holds licences to import cannabis from nearly 20 markets, alongside having its own EU-GMP warehouse for processing.
In Q2 alone, it was responsible for seven tonnes of imported cannabis, meaning 16% of the total cannabis coming into Germany came through Remexian.
Over the six months to March 2025, Remexian reported revenues of €70m in revenue and €15m in adjusted EBITDA in the six months to March 2025.
By extension, this now gives the Canadian discounter an immediate and significant foothold in the German market, which its CEO, Raj Grover, has suggested could provide a springboard to enter additional markets.
High Tide projects the deal will add roughly C$100m in topline annual revenues. In preliminary guidance for Q3 released last week ahead of its full earnings release next month, the company says it is expecting record revenues and continues EDBITDA growth.
Tilray
Its Canadian stablemate Tilray, which already has a vast and influential global presence, today revealed plans to further expand its presence in Germany, just days after announcing its expansion into the less forgiving Italian market.
Tilray Medical, a subsidiary of its namesake credited with building the first GMP-certified cannabis production facilities in Portugal and Germany, announced the introduction of three new EU-GMP certified cannabis flower products for patients in Germany under its Good Supply brand: Good Supply Cannabisblüten THC 22 IIM, THC 25 MMK, and THC 18 LLD.
The products, available in both 15 g jars for patients and 500 g packs for pharmacies, will roll out sequentially from early September through October. Tilray said the new strains expand its Good Supply portfolio, a leading brand in Canada now being adapted for German medical use.
On August 13, Tilray also strengthened its presence in Italy through a new partnership between its subsidiary FL Group and Florence-based Molteni Farmaceutici, a pharmaceutical company specialising in pain therapies and substance dependence.
The agreement will see Molteni leverage its extensive scientific and medical network to provide targeted education on medical cannabis therapies, while Tilray will supply EU-GMP certified cannabis extracts across Italy.
This comes after Tilray became the first company to receive official authorisation from the Italian Ministry of Health to import and distribute proprietary Tilray Medical-branded cannabis flower for therapeutic use in June.
Through its subsidiary FL Group, three EU-GMP certified varieties are now available for prescription in Italian pharmacies: Tilray THC 25%, Tilray THC 18%, and Tilray THC 9%/CBD 9%.
Beyond Europe, Tilray’s stock has attracted renewed attention in recent weeks, doubling in value amid reports that the Trump administration is considering a federal reclassification of cannabis to Schedule III.
Analysts suggest such a move could allow Tilray to double revenues within three years, rising from $821 million to around $1.65 billion, as tax burdens under Section 280E are lifted, banking access improves, and institutional participation increases.
Medipharm Labs
Exports are also growing across the pharmaceutical market, with MediPharm Labs reporting earlier this month that its international arm accounted for the majority of its revenue in Q2.
The Canadian pharmaceutical company, which specialises in the development and manufacture of concentrates, APIs and advanced derivatives, operates supplies medical cannabis to patients in Canada, Germany, Australia and seven other international markets, with a growing focus on exports.
In Q2, Medipharm reported net revenue of $11.8m, a 14% year-over-year increase, with international medical cannabis sales topping $6.7m (57%) led by Germany ($3.2m) and Australia ($3m).
Year-to-date, international medical sales reached $12.7m, a 66% increase on the same period in 2024, driven by higher dronabinol and flower sales in Germany and Australia.
CEO David Pidduck said the results reflected “continued momentum in international markets” despite the distraction of a proxy contest during the quarter.
Greenway Greenhouse Cannabis Corporation
Other Canadian producers, like Greenway, are behind their counterparts in terms of their international presence, but are increasingly pivoting their operations towards Europe.
Greenway, a federally licensed cultivator and majority-owned subsidiary of Sunrite Greenhouses, specialises in cultivating, bulk packaging, and wholesaling dry cannabis flower to other licensed Canadian companies.
The company operates an indoor nursery and greenhouse facility, holding CUMS- Grow Access Project and GACP certification to meet international distribution standards. Recent supply agreements with partners such as 4C Labs in the UK highlight Greenway’s export ambitions, while finished goods inventory of over 1.2 million grams positions it to serve both domestic and overseas markets.
In Q1 2025 (three months to June 30), Greenway posted snet revenues of $1.6m, down 32% from the same period last year, reflecting a 56% decline in volumes sold.
Despite this, average sales price per gram rose 54% to $1.71, supporting a gross margin of 50% and narrowing the company’s net loss to $166,000, a 69% improvement year-over-year.
Like many of its competitor, wracking up losses in the Canadian market, Greenway is increasingly positioning itself for international sales.
On July 31, 2025, Greenway signed a supply agreement with UK importer 4C Labs to provide dried flower to the country’s medical market, adding to previously announced international ambitions, including earmarked shipments for Australia. The company received CUMS- Grow Access Project and GACP certification in 2024, enabling it to export to markets that require strict international standards.
With more than 1.2 million grams of finished goods inventory valued at $1.17 million, Greenway says it is well placed to meet upcoming purchase orders both domestically and abroad.
Its president, Carl Mastronardi, highlighted that the company is ‘well-positioned to capitalise on both domestic and international opportunities’ through recent export agreements.
The post The Canadians are Coming: Europe Grapples With Growing Wave of Canadian Cannabis appeared first on Business of Cannabis.
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