Europe’s medical hashish markets are already awash with low-cost, plentiful, and infrequently repurposed consumer-focused hashish from Canada’s largest producers.
Within the second quarter, Canada remained the dominant provider of hashish to Germany, seeing volumes improve by over 1 / 4 in Q2, totalling over 20 tonnes, practically half of the entire for the interval.
Equally, in 2024, Canadian exports to the UK jumped from 59kg to over 2.5 tonnes, a narrative that’s mirrored throughout Europe.
With native producers struggling to compete with these North American giants, capable of provide huge volumes at low price, there may be rising pushback towards these imports from each the trade and governments.
In markets like Israel and Australia, discuss of imposing a tariff on Canadian hashish continues to develop, whereas markets much less bothered by the inflow of low-cost imports, like Germany, at the moment are going through dramatic oversupply.
The European medical market has lengthy been a approach for these Licensed Producers (LPs) to complement their incomes, providing a lot increased margins than the extremely aggressive, saturated, and extremely taxed home market.
Regardless of rising pushback towards this torrent of low-cost hashish, Canadian LPs are actively ramping up their efforts to increase their market share in Europe because the rewards proceed to outweigh the prices.
Excessive Tide
Considered one of Canada’s largest hashish retailers, Excessive Tide (HITI), introduced plans to launch the biggest M&A deal in its historical past this month, seeing it shoehorning its approach into Europe’s largest market.
On August 15, Excessive Tide introduced its entry into Germany by way of the acquisition of a majority stake in Remexian Pharma GmbH, one of many nation’s largest importers and distributors.
Apart from marking one of many largest hashish M&As of 2025 up to now, a number of analysts have prompt that this could possibly be the primary domino of Germany’s long-touted market consolidation.
When the deal closes within the coming weeks (topic to regulatory approvals), Excessive Tide will purchase 51% of Remexian for an estimated €27.2m, valuing the German wholesaler at round €53.4m.
Remexian is a serious a part of Germany’s hashish import ecosystem and holds licences to import hashish from practically 20 markets, alongside having its personal EU-GMP warehouse for processing.
In Q2 alone, it was liable for seven tonnes of imported hashish, that means 16% of the entire hashish coming into Germany got here by way of Remexian.
Over the six months to March 2025, Remexian reported revenues of €70m in income and €15m in adjusted EBITDA within the six months to March 2025.
By extension, this now provides the Canadian discounter a right away and vital foothold within the German market, which its CEO, Raj Grover, has prompt may present a springboard to enter extra markets.
Excessive Tide tasks the deal will add roughly C$100m in topline annual revenues. In preliminary steerage for Q3 launched final week forward of its full earnings launch subsequent month, the corporate says it’s anticipating file revenues and continues EDBITDA development.
Tilray
Its Canadian stablemate Tilray, which already has an enormous and influential international presence, right this moment revealed plans to additional increase its presence in Germany, simply days after saying its growth into the much less forgiving Italian market.
Tilray Medical, a subsidiary of its namesake credited with constructing the primary GMP-certified hashish manufacturing services in Portugal and Germany, introduced the introduction of three new EU-GMP licensed hashish flower merchandise for sufferers in Germany below its Good Provide model: Good Provide Cannabisblüten THC 22 IIM, THC 25 MMK, and THC 18 LLD.
The merchandise, out there in each 15 g jars for sufferers and 500 g packs for pharmacies, will roll out sequentially from early September by way of October. Tilray stated the brand new strains increase its Good Provide portfolio, a number one model in Canada now being tailored for German medical use.
On August 13, Tilray additionally strengthened its presence in Italy by way of a brand new partnership between its subsidiary FL Group and Florence-based Molteni Farmaceutici, a pharmaceutical firm specialising in ache therapies and substance dependence.
The settlement will see Molteni leverage its intensive scientific and medical community to offer focused training on medical hashish therapies, whereas Tilray will provide EU-GMP licensed hashish extracts throughout Italy.
This comes after Tilray turned the primary firm to obtain official authorisation from the Italian Ministry of Well being to import and distribute proprietary Tilray Medical-branded hashish flower for therapeutic use in June.
By way of its subsidiary FL Group, three EU-GMP licensed varieties at the moment are out there for prescription in Italian pharmacies: Tilray THC 25%, Tilray THC 18%, and Tilray THC 9%/CBD 9%.
Past Europe, Tilray’s inventory has attracted renewed consideration in latest weeks, doubling in worth amid experiences that the Trump administration is contemplating a federal reclassification of hashish to Schedule III.
Analysts recommend such a transfer may enable Tilray to double revenues inside three years, rising from $821 million to round $1.65 billion, as tax burdens below Part 280E are lifted, banking entry improves, and institutional participation will increase.
Medipharm Labs
Exports are additionally rising throughout the pharmaceutical market, with MediPharm Labs reporting earlier this month that its worldwide arm accounted for almost all of its income in Q2.
The Canadian pharmaceutical firm, which specialises within the growth and manufacture of concentrates, APIs and superior derivatives, operates provides medical hashish to sufferers in Canada, Germany, Australia and 7 different worldwide markets, with a rising give attention to exports.
In Q2, Medipharm reported internet income of $11.8m, a 14% year-over-year improve, with worldwide medical hashish gross sales topping $6.7m (57%) led by Germany ($3.2m) and Australia ($3m).
12 months-to-date, worldwide medical gross sales reached $12.7m, a 66% improve on the identical interval in 2024, pushed by increased dronabinol and flower gross sales in Germany and Australia.
CEO David Pidduck stated the outcomes mirrored “continued momentum in worldwide markets” regardless of the distraction of a proxy contest in the course of the quarter.
Greenway Greenhouse Hashish Company
Different Canadian producers, like Greenway, are behind their counterparts by way of their worldwide presence, however are more and more pivoting their operations in direction of Europe.
Greenway, a federally licensed cultivator and majority-owned subsidiary of Sunrite Greenhouses, specialises in cultivating, bulk packaging, and wholesaling dry hashish flower to different licensed Canadian corporations.
The corporate operates an indoor nursery and greenhouse facility, holding CUMS-GAP and GACP certification to fulfill worldwide distribution requirements. Current provide agreements with companions similar to 4C LABS within the UK spotlight Greenway’s export ambitions, whereas completed items stock of over 1.2 million grams positions it to serve each home and abroad markets.
In Q1 2025 (three months to June 30), Greenway posted snet revenues of $1.6m, down 32% from the identical interval final yr, reflecting a 56% decline in volumes bought.
Regardless of this, common gross sales worth per gram rose 54% to $1.71, supporting a gross margin of fifty% and narrowing the corporate’s internet loss to $166,000, a 69% enchancment year-over-year.
Like a lot of its competitor, wracking up losses within the Canadian market, Greenway is more and more positioning itself for worldwide gross sales.
On July 31, 2025, Greenway signed a provide settlement with UK importer 4C LABS to offer dried flower to the nation’s medical market, including to beforehand introduced worldwide ambitions, together with earmarked shipments for Australia. The corporate obtained CUMS-GAP and GACP certification in 2024, enabling it to export to markets that require strict worldwide requirements.
With greater than 1.2 million grams of completed items stock valued at $1.17 million, Greenway says it’s effectively positioned to fulfill upcoming buy orders each domestically and overseas.
Its president, Carl Mastronardi, highlighted that the corporate is ‘well-positioned to capitalise on each home and worldwide alternatives’ by way of latest export agreements.
