Markets: International
Cannabis M&A and Capital Raising in Europe and Australia
Europe, including the UK, and Australia are now the most active frontiers in global medical cannabis. Markets are expanding, regulation is tightening, and the industry is moving from early growth to consolidation. Kronos advises cannabis companies across these markets and North America on M&A, capital raising and strategic partnerships.
Why Europe and Australia, why now
Germany is the centre of the market. Germany imported 201.1 tonnes of medical cannabis in 2025, and most of that supply comes from outside the country, a large share of it from Canada.
EU-GMP is becoming the dividing line. Regulators are tightening how strictly they apply EU-GMP standards, moving toward full compliance from harvest rather than late-stage reprocessing. If that happens, a significant portion of current supply could lose access to the market, and producers with fully certified operations would gain a lasting advantage.
That is driving consolidation. Certified facilities have become strategic assets, and EU-GMP capacity is now a key driver of cross-border M&A, as North American and European operators acquire or partner for compliant supply.
The UK is growing fast. The UK has become one of the fastest-growing medical cannabis markets in the world, with prescriptions in England roughly doubling every year since 2021 and a supplier base that is diversifying quickly. Canadian producers grow a large share of the flower UK patients receive.
Australia is large, telehealth-led and tightening. Australia has grown into a mainstream prescribing market with close to one million approvals by the end of 2025, much of it delivered through telehealth, and Canada is its largest source of imported product. Regulators are now cracking down on high-volume telehealth prescribing and advertising, which favours compliant, well-capitalized operators and is setting up a period of consolidation.
Who we work with
• EU-GMP licensed cultivators and processors
• Importers, wholesalers and pharmacy distributors
• Telehealth clinics and patient access platforms in Europe and Australia
• Canadian producers supplying Europe and Australia, or seeking EU-GMP certification
• Investors and strategic buyers entering these markets
How we help
• Selling your business: a structured process drawing on buyers across Europe and North America
• Raising capital: financing for EU-GMP upgrades, expansion and working capital
• Strategic partnerships: supply agreements, distribution partnerships and joint ventures
• Cross-border transactions: connecting companies in Europe and Australia with North American buyers and investors
Buying or selling a cannabis business in Europe or Australia
Whether you are looking to sell a European cannabis business or acquire one, we can help. We advise owners of German cannabis companies, including importers, distributors and pharmacy-focused businesses, on sale processes and investment, and work with buyers looking for German cannabis businesses for sale.
In the UK, we work with medical cannabis clinics, prescribers and suppliers considering a sale, partnership or investment, and with acquirers looking for a UK cannabis clinic for sale or another route into the market.
We also advise on EU-GMP facilities for sale, cultivation and processing assets in Portugal and elsewhere in Europe, and Australian medicinal cannabis clinics and suppliers.
If you own a cannabis business in Europe or Australia, or a Canadian facility with EU-GMP ambitions, now is the time to understand what your company is worth and who is looking to acquire or invest.