Germany Has Become The World's Largest Cannabis Importer: Here Are The Stocks Benefiting

Germany imported a record 37.2 tons of medical cannabis in the first quarter of 2025, marking a 4.6x increase compared to the same period last year, according to the Federal Institute for Drugs and Medical Devices (BfArM). Per publicly available data, the country is now the largest importer of legal medical cannabis in the world, yet looming regulatory headwinds are already taking shape.

German Market Sets A New Benchmark

The Q1 2025 import surge, which includes dried flower and extracts (converted to flower equivalents), builds on momentum following Germany's April 2024 medical cannabis reform under the Cannabis Act (MedCanG). The previous quarterly record was 32.1 tons in Q4 2024.

"The latest quarterly figures for cannabis imports send a clear message: we are on track for 150 tons of cannabis to be imported into Germany for medical and scientific purposes by 2025. As of today, Germany is likely already the largest medical cannabis market in the world," said Niklas Kouparanis, CEO and co-founder of Bloomwell Group, one of Germany's leading cannabis platforms.

"The main reason for this remarkable progress is low-threshold digital access. This has enabled several hundred thousand patients, who previously obtained medical cannabis illegally (which involved considerable risks), to access legal medical cannabis prescribed by physicians and dispensed in licensed pharmacies," he continued.

Also read: Germany’s Cannabis Industry Hits 500 Million Euros: 2,500 Pharmacies Now Dispense, 211 Grow Clubs Approved

Based on the latest research from Zuanic & Associates, Germany's actual pharmacy purchases in Q1 2025 are estimated at 22.3 tons. If fewer imports were rejected or re-exported than in previous years, real domestic consumption could be as high as 28 tons.

At an estimated retail price of €8 per gram, this puts Germany's medical cannabis market at an annual run-rate of €714 to €900 million, or roughly $770 million to $970 million.

Who’s Supplying The Boom?

Canada continues to be the top source, responsible for 43% of all German imports in Q1 2025, followed by Portugal (32%) and Denmark (7%). However, analysts point out that much of Portugal's share consists of Canadian cannabis processed under EU-GMP guidelines before re-export to Germany.

This benefits several Canadian licensed producers, including:

Tilray Brands TLRY, which reported $13.9 million in international medical cannabis sales in its latest quarter
Aurora Cannabis ACB, which shipped C$26.3 million worth of cannabis to Europe in the December quarter, according to estimates from Zuanic & Associates.
Village Farms VFF, which reported a 3.8x year-over-year increase in medical cannabis exports, per Zuanic & Associates.
Organigram Holdings OGI, with approximately 80% growth year-over-year in medical cannabis exports, according to Zuanic & Associates.
Avant Brands AVTBF, which reported C$4.7 million in medical cannabis exports in Q1, per Zuanic & Associates.

Curaleaf Holdings CURLF also plays a major role through its stake in Four20 Pharma, one of Germany's top importers. It has built a global supply chain that includes facilities in Canada, Portugal, the UK, and Poland.

Political Risks On The Horizon

Despite strong fundamentals, the market's long-term stability may be challenged by Germany's new CDU-led coalition. Federal Health Minister Nina Warken has called the growth in medical cannabis use "disturbing" and raised concerns about what she describes as "too easy access."

"With the new government set to review the Cannabis Act rules by the fall, the industry has time to lobby," wrote Pablo Zuanic of Zuanic & Associates, "but restrictions on telehealth are likely, in our view."

Germany's low-barrier digital access is widely credited with accelerating patient uptake, particularly among individuals previously relying on the illicit market. Any changes to telemedicine regulations could have broad implications.

There’s Still Room To Grow

Even with 37.2 tons of cannabis imported in Q1, Zuanic notes that population penetration remains low—only 0.4% to 0.5% of Germans currently access medical cannabis, compared to 3% to 4% in many U.S. states with mature MMJ programs.

"The German model serves as a model for the entire EU in how to ensure safe, reliable, and digitally-powered access to medical cannabis," Kouparanis said. "There is no turning back."

Learn More At Benzinga’s Cannabis Capital Conference In Chicago

As Germany’s market evolves, the implications for global operators and investors will be explored in detail at the Benzinga Cannabis Capital Conference, which will take place June 9–10 in Chicago.

Panel: Cracking the German Market: Navigating Cannabis Opportunities Amid Political Change

Speakers: