Varied sources of investment
The analysis prior to the report was based on a questionnaire given to all Danish medical cannabis companies, officially authorised to cultivate and produce medical cannabis products by the Danish Medical Agency. Interviews were also conducted with representatives of the Danish companies and key stakeholders. These included Aurora and Little Green Pharma, with 286 full-time employees.
The report provides further details on other sources of funding:
It reveals that 65% of Danish medical cannabis companies have been able to raise equity investments in the last three years and 25% of them have received share capital, seed or venture capital or even debt capital.
Extracts and isolates lead sales
The report, which highlights various forecasts, states that: "the main growth of the medical cannabis industry in Europe in the future will be in sales of extracts and isolates rather than dried flowers".
Sales of cannabis in the form of dried flowers have indeed been declining for several years. They represented less than 90% of medical cannabis sales in Europe in 2020, just over 70% in 2021 and just over 50% in 2022. Finally, Prohibition Partners published a paper in 2021 suggesting that flowers could fall below 45% in terms of total sales by 2023.