ECS Botanics Holdings Ltd announcement

ECS Botanics Holdings Ltd (ASX: $ECS) announces the German Bundestag's passing of the Cannabisgestz (CanG) bill, legalizing adult-use cannabis in Germany. The bill is expected to come into effect on 1 April, 2024, and is set to create expanded opportunities for ECS Botanics' EU export program.

ECS Managing Director, Nan-Maree Schoerie, on German cannabis legalisation

This is the type of step-change legislative development that will create a reverberation across not only Germany, but the broader EU as medicinal cannabis becomes more mainstream as a treatment for several conditions. Germany is an evolving and very large market opportunity for ECS and we believe this legislative change will make doctors much more comfortable prescribing medicinal cannabis.

Summary of ECS Botanics announcement

ECS Botanics Holdings Ltd (ASX: $ECS) welcomes the German Bundestag's passing of the Cannabisgestz (CanG) bill, which legalizes adult-use cannabis in Germany. The bill is anticipated to come into effect on 1 April, 2024, and is expected to create expanded opportunities for ECS Botanics' EU export program. The company has an ongoing supply agreement with German company llios Santé to supply medicinal cannabis strains into the German market, positioning ECS to effectively navigate and contribute to the developing German market. ECS has been expanding its operations to service contracted agreements and prepare for expanding export opportunities. The legislative change is anticipated to make doctors more comfortable prescribing medicinal cannabis, creating a significant market opportunity for ECS in Germany and the broader EU.