Health House International (HHI) has closed the acquisition of privately held German sales and distribution company CanPharma in an all-script transaction.
In Germany, CanPharma imports and distributes third-party medicinal cannabis products as well as a number of own-branded products and holds a pharmaceutical manufacturing (GMP) licence.
It also owns Spanish medicinal cannabis consultancy Kalapa Clinics which operates a patient-facing model and provides educational training to health care professionals.
Co-founder Dr Henrik Sprengel will remain as CEO of CanPharma and become executive director of Health House. CFO David Attwood will become Group CEO of Health House.
Health House director David Wheeler said: “We are delighted to officially welcome the CanPharma team to the Health House group where they will take a leading role in its future growth. By leveraging the licences, product offering and expertise of CanPharma, we expand our market reach and strengthen our position as a global leader in the distribution of medicinal cannabis products.”
Dr Sprengel said: “Partnering with Health House is a very exciting opportunity that has the potential to position us as a market leader in Europe, a fast-growing medicinal cannabis market with the largest global potential.
“We believe CanPharma has the capability to access the continually growing number of patients throughout Germany, offering a wider range of products from the HHI portfolio and expanding medical education from Kalapa.”
“This model, coupled with the expertise, global networks and reputation of Health House International, will take us to the next level and position us to expand the Company’s footprint throughout Europe.”
According to data from Prohibition Partners, Europe is potentially the world´s largest regional medicinal cannabis market, expected to grow at a compound annual growth rate (CAGR) of 67.4% from 2021 to reach €3.2 billion by 2025.
It is anticipated that Germany will constitute over half of the European market until 2024 and will be worth more than €840 million by 2025.