First Berlin Equity Research has published a research update on Cantourage Group SE (ISIN: DE000A3DSV01). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 11.00 price target.

Abstract
Cantourage has launched gramz., its first proprietary product for the German MedCan market. The house brand marks a strategic shift. Rather than relying on its traditional revenue-share model used for third-party flower products, Cantourage will purchase raw materials for gramz. outright, thus supporting a higher retained margin. Early sell-through has been encouraging, while gramz. also broadens the supplier pool and gives the company greater control over product selection, pricing and positioning. Meanwhile, Germany has revised MedCan reimbursement rules, which chiefly affect the reimbursed flower segment. But this constitutes <10% of the German market and an even smaller share of Cantourage’s flower sales. The gramz. launch supports our 2026 targets which call for an 11.5% EBITDA margin, and we remain Buy-rated on Cantourage with a €11 price target (upside: 104%).