Company expects to be selling the drug for recreational use by end of next year after government legislation
email rounding up the latestCuraleaf, one of the world’s largest cannabis companies, expects to start selling the drug for recreational purposes in Germany by the end of next year, targeting a potential windfall after Olaf Scholz’s government agreed to broaden its use.
“Many people will be coming into cannabis for the first time and trying it out,” said Miles Worne, president of Curaleaf International, a London-based subsidiary of the US company. He pointed to how recreational sales of cannabis have surpassed those for medical use in American states that have lifted restrictions in recent years.
Health minister Karl Lauterbach said the new legislation was aimed at restricting illegal trade of cannabis and reducing drug crime, but that the government would at the same time try to lower the number of people using it recreationally through a public awareness campaign. While Curaleaf made 60 per cent of its $1.3bn in revenue last year from customers using the drug for recreation, profits have been harder to generate in the nascent and heavily regulated legal industry. The group reported a loss of $370mn last year.
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