Danish grower expands to three countries

Stenocare entered three new countries during 2022 and thereby expanded their market presence to five countries with prescription-based medical cannabis oil products approved for sale. With this, Stenocare is in a uniquely positive position to grow its revenue. In the guidance from March 10, 2022, it was expected that the majority of sales would materialize during the last part of the year – as more markets were added. The guidance was to reach a sales run rate for 2022 that could support a 2023 annual sale of 15-20 mDKK. Based on the Q4 2022 performance, Stenocare is on track to deliver on this guidance for 2023.

Stenocare CEO Thomas Skovlund Schnegelsberg comments:

”We have been working and waiting for this moment for almost three years. Getting back in business and now not just in our Danish home market but in 5 active markets with a total of 11 approved products, gives us a major boost of confidence and confirms that our strategy is working. Now, our platform is in place to accelerate our growth and sharing of best practices across our markets”.

An important priority for 2022 was to expand the number of markets and have more products approved for sales. This priority is based on Stenocare’s historical experience in the medical cannabis industry, which shows that it takes a long time and is challenging to enter new markets with approved products. Three new countries and nine new products were approved for sales during 2022, which adds up to eleven approved products in total for sales in 5 countries: Denmark, Sweden, Norway, the UK, and Australia. This is a good platform for future sales and growth of the business.

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