Labocanna analyzes the possibilities of expansion on foreign markets

Labocanna, a company operating in the hemp industry, is considering development on European markets in the field of medical marijuana cultivation. Its cultivation is one of the key elements of the company's development strategy. Estimates for 2022 alone show that the total number of European patients using medical marijuana therapy will increase by more than 30% - from around 130,000 in 2021 to 174,000 in 2022

– Labocanna is preparing to update its development strategy. One of its elements is the cultivation of medical marijuana, in which we see great potential that can influence the even more intensive development of our company. We are currently analyzing the possibilities and closely watching foreign companies that are already cultivating the drug, which is medical marijuana - says Ernest Bednarowicz, President of the Management Board of Labocanna.

For this purpose, the company will need a significant financial contribution.

– I believe that Labocanna implements many interesting projects that can strongly contribute to building its value. In my opinion, they are not yet visible in the company's valuation. Labocanna's money can be used much more effectively by allocating it to the implementation of development projects than to the buyback of own shares, which is why during the EGM I voted against the buyback - comments Paweł Kiciński, one of the main shareholders of Labocanna.

The use of medical marijuana for medicinal purposes was legalized in Poland in 2017. In April 2022, an amendment to the act entered into force, which allows the cultivation of hemp in the country to obtain pharmaceutical raw material - so far, only research institutes located in under the supervision of the Ministry of Agriculture.

It is estimated that in 2028 the value of the medical marijuana market in Poland may reach even EUR 2 billion.

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