Cannava reaches a market valuation that almost triples the initial public investment and sparks interest from international companies
As part of the management report presented by outgoing president Gastón Morales, CANNAVA SE presented its management report to the Provincial General Audit Office and subsequently to provincial media, along with company authorities.
Gastón Morales, outgoing president of Cannava, Marcelo Guastella, interim president of Cannava, together with authorities from the General Audit Office of the Province of Jujuy.
Economic valuation of 98 million dollars:
During the presentation, it was reported that, according to an economic valuation carried out by the independent international auditing firm, Morales leaves the state-owned company with an estimated market value of USD 98 million, which almost triples the initial public investment made by the Province.
This value is the result of the sustained growth of the production operation and its commercial projection, the insertion into highly regulated international markets, and the consolidation of a fully integrated scientific, technological and pharmaceutical structure in the province of Jujuy.
Interest from foreign companies:
Eight international companies in the pharmaceutical and biotechnology sector have expressed interest in reaching investment agreements or equity participation in Cannava.
Of these, three have already submitted formal letters of intent to invest in the state-owned company's shares. These companies are pharmaceutical firms of German, Brazilian, and Chinese origin.
This interest recognizes the value generated in:
• Productive infrastructure
• Certifications and regulatory compliance
• Standardized pharmaceutical production
• Specialized technical teams
• Own genetic development
All of this was developed entirely on Jujuy soil.
Current export contracts and sales growth:
In the last three years (2023-2025), Cannava increased its exports 16 times, going from 72 kg to more than 1,300 kg per annual campaign, thanks to firm and valid export contracts for five (5) years with companies from Germany, Portugal and Australia.
In the 2025 season (March 25 – March 26), despite production difficulties and budget constraints, the batch schedule ensures the highest export volume to date, at 1,350 kg. The total accumulated exports at the close of the 2025 season will be 2.3 billion pesos and 4 billion pesos by March 2026, confirming Cannava's ability to generate revenue and sustain its growth rate and contractual compliance.
Added to this scenario is another export contract for CBD and THC pharmaceutical formulations to the Brazilian market, also for five (5) years, of enormous importance due to the commercial and economic dimension of said market.
Entering the German market:
Argentina is included for the first time in the reports of the German Ministry of Health, and this record corresponds exclusively to exports made from Jujuy by Cannava to German pharmaceutical companies.
Between 2024 and 2025, Argentine exports (Cannava) increased from 55 kg (2024 total) to 275 kg (first quarter of 2025). By the end of the 2025 season, Cannava had already committed 1,300 kg to be exported to Germany alone, representing a 2,355% increase in the official German record of pharmaceutical-grade cannabis imports.
Source: German Federal Ministry of Health (BFarM) https://www.bfarm.de/DE/Bundesopiumstelle/_FAQ/Medizinisches-Cannabis/MedCan-Einfuhr-Ausfuhr/faq-liste.html
Cannava has thus positioned itself as the leading supplier in the Southern Hemisphere to the German market, with products certified under GACP + GMP and full pharmaceutical traceability. It achieves this on a scale that surpasses the total output of entire countries like Spain and South Africa, even matching Uruguay, despite the presence of numerous private companies in those countries.
Impact on public health in the province:
Since 2021, the Government of the Province of Jujuy has been promoting a comprehensive medicinal cannabis plan that includes a provincial health plan (PROTECAM: Special Therapeutic Program for Medicinal Cannabis), an unprecedented event in our country and in LATAM (Latin America).
CBD 10® is a 10% cannabidiol (CBD) isolate, containing 100mg of CBD per milliliter. Since 2023, it has been approved by ANMAT (National Administration of Drugs, Food and Medical Technology) in Argentina for distribution and sale throughout the country as a plant-based product (pharmaceutical-grade medicinal cannabis).
In patients treated with CBD 10® within the framework of the provincial program, a significant improvement is observed in all the efficacy variables evaluated, and it is even found that they are maintained during the two (2) year follow-up of the patients who were part of this clinical study.
73% of patients in the study showed a reduction in the number of epileptic seizures. Of these, 64% of patients experienced a reduction of more than 50% in their baseline seizures, and 45% of patients did not experience any further seizures with CBD10®.
In addition, the DOLOCANN program has been implemented for the treatment of chronic pain with THC, showing a substantial improvement in quality of life and less dependence of patients on opiates.
Today Cannava sells CBD 10 throughout the country and has won bids in other provinces.
Projections towards 2026:
Cannava has already established itself in highly regulated markets and boasts a stable client base and contracts. The company is at a stage of operational and commercial maturity, with a valuation that demonstrates significant growth potential, thus enabling its expansion into the private sector, as envisioned from the project's inception.
“Cannava has established itself as a strategic asset for the Province, with a real capacity to generate economic value, technological development, and international reach,” stated outgoing President Gastón Morales. “The interest from global companies confirms the relevance of the model, its expansion potential, and the undeniable fact that Cannava is now a public asset and heritage of the province.”
The company's production capacity, genetics, and installed equipment allow it to produce between 5,000 and 7,000 kg of pharmaceutical-grade inflorescences per year. This volume can be achieved if the necessary investments in maintenance and technological optimization are maintained to ensure optimal year-on-year production. The company's break-even point and financial self-sufficiency are reached at approximately 3,500 kg of sales per year.
For the 2026 campaign, sales growth is projected to be around 8 billion pesos, which could rise to between 11 billion and 15 billion pesos, subject to the continuation of these strategic investments that allow the installed capacity to operate at full productive scale.
The company's management is now in the hands of Marcelo Guastella, who has been involved in strategic management since the project's inception, ensuring operational continuity, technical stability, and commercial growth.
Gastón Morales, outgoing president of Cannava together with Marcelo Guastella, interim president of Cannava.