In this episode of The Cannabis Conversation, host Anuj Desai is joined by William Muecke, Co-Founder and Managing Partner of Artemis Growth Partners, and Daniel Grözinger, Partner at Parklane Capital. The discussion explores cannabis investment trends across Europe and North America, with a strong focus on Germany’s evolving regulatory framework, capital markets realism, and what makes cannabis companies investable in the long term.
Key Highlights and Insights
Germany remains the epicentre of European cannabis growth
Despite scaled-back recreational plans, Germany’s move to reschedule cannabis and expand medical access is expected to drive a three to fivefold increase in patients, creating the largest regulated cannabis market outside North America.
Medical cannabis is the real near-term growth driver
Both guests stress that the biggest opportunity in Germany is medical cannabis, not adult use, due to GP prescribing, reduced legal risk for doctors, and strong private pay demand.
Rescheduling is more important than legalisation headlines
Removing cannabis from the narcotics list is expected to unlock faster prescribing, reduce friction across the supply chain, and normalise cannabis within mainstream healthcare.
EU GMP supply chains will benefit disproportionately
Companies already operating within EU GMP frameworks are best positioned to scale quickly as patient numbers rise and product categories expand.
Valuations are correcting to reflect real addressable markets
Daniel highlights that many companies raised capital based on overly optimistic recreational assumptions, and that a more realistic market size will pressure valuations and force consolidation.
Strong business models will survive and attract capital
Companies with clear strategies, regulatory expertise, and experienced management teams will find it easier to raise capital and execute M&A despite market turbulence.
France is likely to follow Germany with a medical-first approach
France is expected to roll out a reimbursed medical cannabis programme focused on harm reduction and healthcare cost savings rather than tax revenues.
Harm reduction and public spending are key political drivers
Reduced policing costs, improved patient outcomes, and better resource allocation are increasingly influencing European cannabis policy decisions.
The US rescheduling debate could reshape global markets
A move from Schedule I to Schedule III in the US would remove major tax barriers, enable banking access, and trigger institutional capital inflows, although progress will remain politically complex.
Big Pharma and Big Tobacco are positioning cautiously
Strategic investors are entering cannabis selectively, often via medical devices, formulation platforms, or CBD, to gain exposure while limiting regulatory and litigation risk.
Top 10 Quotes from our two guests
“Germany’s regulatory changes will create one of the most important legal cannabis markets globally, even without full recreational legalisation.”
“Rescheduling cannabis is far more impactful than legalisation headlines because it directly changes how doctors prescribe and how patients access treatment.”
“Medical cannabis, not adult use, is the real growth engine in Germany over the next several years.”
“There is a significant shift already happening from illicit cannabis to regulated medical products paid for privately.”
“From an investment perspective, Germany represents a once-in-a-generation opportunity to build long-term value in cannabis.”
“Sustainable success in cannabis comes from solid business fundamentals, not regulatory optimism alone.”
“Many companies were funded on assumptions that are proving unrealistic, and that adjustment will drive consolidation.”
“A smaller but more predictable addressable market is ultimately healthier for serious operators and investors.”
“Germany’s approach may feel incremental, but it provides the regulatory certainty businesses actually need to plan and invest.”
“Gradual, evidence-based reform reduces political risk and increases the likelihood that progress will endure.”
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