SYNBIOTIC SE will host its Annual General Meeting (AGM) on September 20, 2024. CEO Daniel Kruse has given an upbeat overview of the business’s recent accomplishments and financial performance, emphasizing notable growth across several companies, as anticipation grows.
WEECO Pharma: 300% increase in sales
SYNBIOTIC SE acquired WEECO Pharma in May 2024. WEECO Pharma was a major participant in the European medical cannabis market. It has claimed an astounding 300% rise in sales in just three months following the acquisition when compared to the same period last year. In fact, the reason for this increase is that cannabis was taken out of the German Narcotics Act (BtMG). It allowed WEECO Pharma to grow its MedCan product line and penetrate new markets.
WEECO Pharma’s Managing Director, Börge Diessel, expressed his happiness with the outcomes. He pointed out that the company’s second quarter of 2024 had the highest turnover, sales volume, and earnings in its history. Currently on track to surpass its financial goals, WEECO Pharma intends to launch a new product in the fourth quarter. With this addition, the percentage of revenues from genetics generated internally should rise to about 70%.
Sales growth of 50% for Hempro International and MH Medical Hemp
Hempro International and MH Medical Hemp, two other portfolio firms of SYNBIOTIC SE, also saw notable growth. Sales for both businesses increased by 50% indeed. It is a result of the growing market for CBD isolates, consumer products, and hemp-based foods. The success of their sustainable products can be linked to consumers’ growing understanding of the health advantages of hemp.
CannaCare Health: growth contribution of 69%
CannaCare Health GmbH is a recent addition to the SYNBIOTIC Group. After an independent audit, it will formally complete its merger in the coming weeks. With the addition of significant knowledge in CBD health products and hemp consumer goods, this acquisition expands SYNBIOTIC’s position in the health and wellness sector. This combination might greatly improve Group’s capabilities and market position.
The potential effects of removing the “Intoxication Clause”
The potential repeal of the “misuse clause” or “intoxication clause” for industrial hemp is one of the most intriguing prospects for SYNBIOTIC SE. CEO Daniel Kruse emphasized the huge development potential that this regulatory reform may bring about for SYNBIOTIC’s investments as well as the industrial hemp sector as a whole. The business is on a position to take advantage of this chance, offering high returns to owners and investors.
In summary, SYNBIOTIC SE’s upcoming Annual General Meeting will show a period of remarkable growth and strategic success. The significant sales increases at WEECO Pharma, Hempro International, and MH Medical Hemp, combined with the successful integration of CannaCare Health, underscore the company’s strong market position. With the potential removal of the “intoxication clause,” SYNBIOTIC SE can expect even greater growth in the future, reaffirming its strategic direction and commitment to innovation in the industrial hemp and cannabis sectors.