Theme 01
Recreational cannabis
The global wave of legalisation continues unabated
Legalisation
From the black market to state-controlled sale
Uruguay and Canada have fully legalised cannabis for adults. In Europe, Malta, Luxembourg and, since 1 April 2024, Germany allow private possession and home cultivation; in Germany, non-commercial cultivation associations also supply their members.
In the USA, 24 states and Washington, D.C. allow adult use (as of September 2026). Legal sales there reached around 29 billion US dollars in 2025; in legalised states the illicit market is gradually being moved into controlled distribution.
Canadian retailers sold around 5.6 billion Canadian dollars of cannabis in 2025; dried flower makes up just under 60 per cent, while extracts, edibles and beverages are gaining share. Sources: DISA, Whitney Economics, Statistics Canada.
Cannabis 2.0
The trend is towards Cannabis 2.0 – extracts, edibles and beverages
Germany
CanSoul supports the debate on cannabis regulation in Germany
Germany's Cannabis Act has applied since 1 April 2024: adults may possess up to 25 grams in public and up to 50 grams at home and grow three plants, and cultivation associations supply their members. More than 470 associations had been approved by September 2026. Commercial sale through licensed shops has not been implemented so far; the federal government is evaluating the law scientifically until 2028.
Transparency, education and prevention remain essential, as does state-controlled distribution to adults only. A 2018 study by Prof. Justus Haucap put the potential of regulated distribution at around 2.7 billion euros a year in taxes and savings. Sources: Federal Ministry of Health, EKOCAN evaluation, Süddeutsche Zeitung.
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2018
around 2.7 bn €
Potential per year
in taxes and savings from regulated distribution – according to a study by Prof. Justus Haucap
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1 April 2024
Cannabis Act comes into force
- 25 g in public
- 50 g at home
- 3 plants
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September 2026
over 470
Cultivation associations approved
They supply their members. Commercial sale through licensed shops has not been implemented so far.
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2028
Scientific evaluation
The federal government is evaluating the law until 2028.
For investors
How the ETF participates in the legal market
CanSoul invests in listed companies along the entire value chain: cultivation, extraction, branded products, distribution and suppliers. These include licensed producers in Canada and multi-state operators in the US whose revenues depend directly on the legal adult-use market.
Legislation is a key share-price driver in this sector: new legalisation can open markets, while delays or setbacks weigh on prices. The sector is highly volatile; the ETF's strategy is long-term.
Key data, costs and risks of the ETF are on the ETF page. Earlier market reports are available in the German-language archive under News.
Investing along the value chain
- 01 Cultivation
- 02 Extraction
- 03 Branded products
- 04 Distribution
- 05 Suppliers
- Canada Licensed producers Cultivation and processing under a state licence
- USA Multi-state operators Cannabis companies active in several states