On February 11th, STENOCARE A/S (“STENOCARE” or “the Company”) announced that the Company has entered a strategic partnership with Institut des Cannabinoïdes Médicaux Français (“ICMF”) to enter the French market. The partnership is intended to position STENOCARE as a first mover in the French medical cannabis market, which is expected to transition to permanent legalization in 2026. As part of this initiative, STENOCARE and ICMF have submitted a complete regulatory application for STENOCARE’s ASTRUM 10-10 oil to the French medical authorities, within the national framework for assessing medical cannabis products for potential reimbursement. Moreover, Movianto, a subsidiary of Yusen Logistics Healthcare and a major pharmaceutical distribution provider in France, will act as the designated partner overseeing nationwide logistics operations and distribution to pharmacies.
Analyst Group’s View of the News
The French market has operated within a tightly controlled national pilot program for medical cannabis, which has involved more than 3,000 patients, with expectations that the program will transition to permanent legalization in 2026. The transition to permanent legalization of medical cannabis in France has been delayed, partly due to political instability and repeated changes in government and ministerial leadership over the past year. These developments have contributed to administrative delays, including postponed regulatory decrees required to replace the national pilot program with a permanent framework. Nevertheless, it is expected that the law will be approved during 2026, even though no timeline is known.
Analyst Group views the French market as highly interesting, especially given its size and hence potential addressable patients. Extensive training has been provided for several hundred medical practitioners and pharmacists, with over 300 healthcare institutions and pharmacies taking part in the pilot initiative. Given this, we see it as a large opportunity for STENOCARE to be a first mover within medical cannabis in the country.
Through the partnership with ICMF, STENOCARE positions itself as a first mover in France by submitting a complete regulatory dossier for ASTRUM 10-10 within the national process assessing medical cannabis products for potential reimbursement ahead of permanent legalization. This process is overseen by the French National Health Authority (HAS), which is responsible for evaluating clinical value and reimbursement eligibility. Early engagement with HAS, combined with a secured nationwide distribution partner in Movianto, positions STENOCARE to be among the first suppliers approved once a permanent framework is implemented.
We see several advantages in STENOCARE potentially acting as a first mover in the market. Early adoption by physicians is expected to support strong brand recognition and product loyalty before additional competitors enter, which in turn could enable STENOCARE to establish a strong market position from the outset.
Moreover, ASTRUM 10-10 is considered to offer several competitive advantages relative to potential alternatives, including more consistent and faster absorption into the bloodstream. Analyst Group assesses that ASTRUM 10-10 could be a key factor behind ICMF’s decision to partner with STENOCARE, given the product’s differentiated profile. As previously stated, we view ASTRUM 10-10 as a central value driver going forward, with the product already available in Germany, Australia and Norway. The partnership with ICMF is therefore seen as a validation of growing industry recognition of the product’s strengths, which is viewed as a clear positive and supportive of STENOCARE’s anticipated growth trajectory.
Despite the progress described above, the French medical cannabis market remains at an early stage, and several steps must be completed before STENOCARE’s products can be prescribed to patients. Following dossier submission, the French National Health Authority (HAS) must complete its assessment and issue a reimbursement recommendation, after which formal governmental approvals and final regulatory decrees are required. In addition, reimbursement conditions and nationwide prescribing and distribution frameworks must be fully implemented before commercial sales can commence. Nevertheless, we see large potential for STENOCARE on the French market in the longer term, given the size of the market, potential first-mover advantage and competitive advantages of the ASTRUM 10-10 oil.
In summary, Analyst Group assesses that STENOCARE’s partnership with ICMF and the submission of a regulatory application for ASTRUM 10-10 in France position the Company well ahead of the expected transition to permanent legalization of medical cannabis in 2026. Early engagement with French authorities, a complete reimbursement-oriented regulatory dossier, and a secured nationwide distribution setup through Movianto are viewed as creating favorable conditions for a first-mover position in a large and attractive market. The differentiated profile of ASTRUM 10-10, offering more consistent and faster absorption, is considered a key driver behind the partnership and remains an important long-term value driver. Although several regulatory steps remain before commercialization can commence, Analyst Group believes that the combination of market size, potential reimbursement status, and early market positioning provides STENOCARE with strong prospects for long-term growth in France.
