London South East spoke to Joshua Fegan, CEO of ASX-listed Althea Group Holdings, the Australian headquartered medicinal and consumer goods cannabis company.
In a sign of how seriously AGH are taking Europe, the CEO and his family have relocated to London from Australia last October, ready to focus the business as it targets Europe, the territory AGH see as having the greatest growth potential.
Althea describes itself as a global leader in the manufacturing, sales and distribution of both pharmaceutical cannabis products and cannabis-based consumer goods. It has a market cap of around 74 Million pounds, and has just released its growth plans for Germany, France and the UK market.
It is vertically integrated, and owns Peak, a cannabis products manufacturer in Canada. Peak generates private label consumer cannabis products for the Canadian market as well as medicinal products for Althea globally.
"We have been selling Althea pharmaceutical products in the UK since late 2019, and it was time to get over here." said Joshua. "We are every bullish about the UK market itself and have launched the Althea brand into Germany, and started selling there this month (March 2021) as well. We are involved in the French National Trial for Medicinal Cannabis and see legalisation occurring there in the next 18-24 months".
Joshua references forecasts "which suggests the total legal cannabis market in Europe represents £26 billion by 2027, so the market opportunity is a great one. Germany has had a legal cannabis framework from about 2018. The UK is probably the most mature out of the marketplaces, with potential for up to a million patients in this country alone."