Reform fuels cannabis growth in Germany

Bloomwell’s review, built on anonymized real-world data from hundreds of thousands of self-paying patient prescriptions filled via its app, e-prescriptions and partner pharmacies from January 2024 to December 2025, shows Germany’s medical cannabis market saw a 3,300 percent surge in prescriptions by December 2025 compared with March 2024, the final month before medical cannabis was reclassified and removed from the country’s list of narcotics.

“What we’re seeing is a fundamental shift in patient access to legally prescribed, medically supervised and digitally accessible cannabis following regulatory reform,” said Kouparanis.

The country’s Cannabis Act (CanG) removed cannabis from its Narcotics Act (BtMG) and enacted the Medical Cannabis Act (MedCanG), shifting prescriptions from strict narcotic controls to standard pharmaceutical processes. The act enabled telemedicine and easier approvals to boost access for chronic conditions.

Prescriptions hit record highs in late 2025, reflecting telemedicine’s role in transitioning self-medicating patients to regulated care; however, misuse debates erupted that same year, with the Federal Ministry of Health drafting amendments driven by Minister of Health Nina Warken’s concerns over a 400 percent import surge, which she cited as evidence of potential abuse via telemedicine platforms.

In October 2025, the German Cabinet formally approved a draft of the amendment, which banned new remote prescriptions and mail-order sales. The draft was submitted to the European Union’s Technical Regulations Information System for review, with the first Bundestag reading occurring on December 18, 2025. As of February 2026, the parliamentary process is ongoing; second and third readings are targeted for this spring.

Amid these headwinds, Kouparanis emphasized resilience.

“In the face of political uncertainty and proposed regulatory pushback, the biggest achievement for Germany’s medical cannabis industry is that we’ve continued to guarantee a secure and stable supply of prescriptions for more than a million medical cannabis patients,” he said. “Imports are breaking records, and medical cannabis has firmly established itself as part of mainstream healthcare.”

German cannabis market trends

The report identifies several growth trends in the German medical cannabis market, including an increase in products — while fewer than 470 strains were available at the start of 2025, by the fourth quarter there were 720.

At the same time, patient preferences for specific flower attributes have shifted.

Patients increasingly favor non-irradiated flowers, which captured roughly 90 percent of the market share from July to December 2025, reflecting demand for natural products.

“Despite this rise in demand, Germany’s supply of medical cannabis has remained stable and more affordable. We’ve found that the average price per gram of medical cannabis flower fell by more than 3 euros over the course of 2025, declining from 8.33 euros in January to 5.23 euros in December,’ commented Kouparanis.

‘These developments show that the market is successful, competitive, resilient and continues to deliver safe and reliable medical cannabis to patients in need,’ the expert added.

According to the report, telemedicine and mail-order pharmacy efficiencies can save health insurers 2.9 billion euros annually versus in-person care, while cannabis therapy cuts sick leave by 2.7 billion euros yearly, with no evidence of increased hospitalizations or daily use post-reform.

“At a time when Germany’s healthcare system is overstretched, and health insurers are under financial pressure, this model should serve as a benchmark, not a target for rollback,” said Kouparanis.

The report also emphasizes the role of importers, wholesalers and pharmacies that have invested substantial resources — and created jobs — to build an innovative digital supply chain to ensure nationwide access. Kouparanis emphasized that this chain is now at risk due to the regulatory risks introduced by the proposed amendment.

Regulatory risks in Germany’s cannabis market

The authors believe the Ministry of Health’s proposals are based on unsubstantiated misuse fears.

Wichmann argued against the idea of these risks from pharmaceutically supplied medical cannabis.

“This is especially true when compared to other prescription medications commonly used to treat the same conditions, as the addiction risks for opioids and Z-drugs have already been well established,’ he continued, highlighting the benefits of affordable digital access for medical cannabis therapy on the private market.

“If policymakers continue to stigmatize medical cannabis and restrict telemedicine and shipping pharmacies, they risk pushing vulnerable patients back to medications with more severe side effects as well as unsafe cannabis from unregulated sources, undermining both the wellbeing of individual patients and public health as a whole.”

German cannabis market outlook

North American investors are betting on Germany’s medical cannabis staying power, as seen in recent acquisitions of key players in the country like Sanity Group and Remixian.

“Legal cannabis is here to stay,” said Kouparanis, underscoring market resilience despite the regulatory debates.

Highlighting the sector’s evolution, he noted that despite falling prices, major wholesalers may still be profitable. “But of course, as with all product-touching business models, such as wholesale and pharmacy, margins are decreasing.”

This shift favors scalable digital platforms amid intensifying competition.

As regulatory hurdles loom, Germany’s medical cannabis market proves a potentially lucrative investment frontier for digitized platforms like Bloomwell, provided policymakers embrace data over dogma.

Investor Insights

Blackstone Minerals, through its subsidiary Crescent Mining and Development Corporation (CMDC) is focused on the Mankayan copper-gold project, an advanced exploration project in the Philippines. Mankayan is one of Southeast Asia’s largest undeveloped copper-gold porphyry, offering leveraged exposure to tightening global copper supply and increased copper demand.

Overview

Global decarbonization and electrification are driving sustained growth in copper demand, while new, large-scale copper discoveries remain scarce and development timelines lengthen. Long-life, high-quality copper projects with scale, grade, and infrastructure access are increasingly strategic and required to meet this future demand.

Historical Drilling Results at Mankayan

Blackstone Minerals (ASX:BSX), through CMDC, is advancing the Mankayan Copper-Gold Project in the Philippines following its merger with IDM International.

Mankayan stands out for its size, grade, and geological continuity, supported by extensive historical drilling and proximity to existing infrastructure. These attributes underpin a flexible development pathway and potential for long-life production.

As part of a strategic move, Blackstone has streamlined its asset base to prioritize Mankayan. A previously advanced nickel project in Vietnam is now subject to a binding strategic agreement with a local partner, materially reducing holding costs while allowing management and capital to be focused on the Company’s copper-gold strategy.

Company Highlights

• Flagship Copper-Gold Asset: Mankayan is a globally significant copper-gold porphyry system with a large 793 million tonne JORC-compliant resource.
• Indigenous Approval – The Mankayan Project holds a 25-year Mineral Production Sharing Agreement and has completed the social license with an FPIC finalized and a MoA in place.
• Scale and Development Optionality: A large, continuous mineral system supporting both staged, higher-grade development and long-life bulk mining scenarios.
• Established Mining District: Located in Northern Luzon, Philippines, near existing mining operations and infrastructure.
• 2026 Clear and focused roadmap: to derisk the Mankayan Project by advancing its Pre-Feasibility Study.
• Strengthened Leadership: Strong in-country team along with recent Board and management appointments enhance technical, operational, and regional capability.
• Strong Copper Leverage: Copper is a critical metal for electrification, renewable energy, and grid infrastructure, with long-term supply constraints supporting project optionality.

Key Project

Mankayan Copper-Gold Project – Philippines

The project is located in the prolific mineral belt of Northern Luzon, approximately 340 km north of Manila by road and around 2.5 km from the operating Lepanto gold mine and the Far Southeast project area.

Mankayan is one of the largest undeveloped copper-gold porphyry systems in Asia, extending over approximately 1,100 metres of strike and 600 metres of width, with mineralisation open along strike and at depth.

More than 56,000 metres of historical diamond drilling support a JORC compliant (2012) mineral resource estimate of 793 million tonnes at 0.35 percent copper and 0.38 grams per ton (g/t) gold, equivalent to 0.65 percent copper equivalent (CuEq*) at a 0.25% CuEq cut-off. Within this, a high-grade core of 170 million tonnes at 0.48 percent copper and 0.58 g/t gold, 0.93 percent (CuEq*) at a 0.8 percent cutoff provides potential for staged development scenarios.

Notable historical intercepts include:

• 911 m at 1.00 percent CuEq, including 253 m at 1.43 percent CuEq
• 543 m at 1.08 percent CuEq, including 277 m at 1.43 percent CuEq
• 1,119 m at 0.86 percent CuEq, including 352 m at 1.15 percent CuEq
• 754 m at 1.03 percent CuEq, including 430 m at 1.21 percent CuEq

Recent field activities have identified additional surface copper-gold mineralisation proximal to the main deposit, with rock-chip samples returning up to 6 g/t gold and 1.9 percent copper, highlighting further exploration upside across the broader project area.

CMDC is in the process of commencing a pre-feasibility study encompassing various mining scenarios and environmental studies.

Management Team

Geoff Gilmour – Executive Chairman

Appointed following Blackstone’s merger with IDM, Geoff Gilmour brings more than 30 years of distinguished leadership in the junior resources sector, with a proven track record of value creation. His career includes senior executive roles as Managing Director of Amex Resources, Brightstar, and Rift Valley Resources, and is highlighted by the successful creation of Andean Resources.

Gilmour has also served as chairman of IDM, where he played a pivotal role in advancing the Mankayan Project and leading the company through its merger with Blackstone Minerals. He currently serves as a director of Blackstone Minerals Ltd, continuing to drive strategic growth and development.

Oliver Cairns –Non-executive Director

Oliver Cairns brings key, hands-on experience to the company’s flagship Mankayan project in the Philippines and was part of the IDM International team that was responsible for the acquisition and management of the Mankayan project before the merger with

Blackstone in June 2025. He has deep familiarity with the Mankayan asset, including four years of actively working with the in-country team. In addition, Cairns offers more than 25 years of strategic corporate, IR and commercial experience.

Greg Cunnold – Non-executive Director

Greg Cunnold is a geologist with over 30 years of experience in the evaluation, exploration, and development of mineral deposits. Cunnold has worked on base and precious metals deposits, bulk commodities, rare earth elements, industrial minerals, and critical mineral projects. His assignments have spanned the globe, including Africa, Asia, Australia, Europe, and South America.

Over the years, Cunnold has played a pivotal role in numerous projects, contributing to the discovery, delineation, and development of valuable mineral deposits. His expertise ranges from grassroots exploration through to definitive feasibility studies. Cunnold is a Competent Person as defined by the JORC and NI 43-101 codes and has served corporately as a board member of private, public unlisted, and listed companies.

Mark Williams – Non-executive Director

Mark Williams’ career in the mining industry spans more than three decades and includes operational experience across a diverse range of assets in both mature and emerging global markets, with extensive in-country experience in the Philippines.

Most recently, Williams led mid-tier Australian gold producer Red 5 Limited (ASX: RED) for 10 years, overseeing an operational turnaround of its foundational asset in the Philippines, the Siana Gold Project, before initiating a transformational pivot to the West Australian goldfields through the acquisition, financing, development, construction and operation of the King of the Hills Gold Mine growing Red 5 to a $1.5 billion company in 2024 prior to its merger with Silver Lake Resources.

James Bahen – Company Secretary

James Bahen is a director and equity partner of SmallCap Corporate. He commenced his career in audit and assurance with an international chartered accounting firm. He is currently a non-executive director and company secretary to a number of ASX-listed companies and has a broad range of corporate governance and capital markets experience. Bahen is a member of the Governance Institute of Australia and holds a Graduate Diploma of Applied Finance and a Bachelor of Commerce degree majoring in accounting and finance.

Investor Insight

With one of the world’s highest-purity silica districts and a full-stack downstream strategy, Homerun Resources is building an integrated platform spanning raw materials, solar glass, energy storage and next-generation photovoltaics to capture value across the global clean-energy supply chain.

Overview

Homerun Resources (TSXV:HMR,OTC:HMRFF,FSE: 5ZE) is executing a three-phase strategic plan to become a leading global supplier and processor of high-purity silica, transforming it into high-value products for the renewable energy and advanced materials markets. Phase 1 secured the Belmonte Silica District and logistics pathway; Phase 2 is advancing construction of processing and solar glass facilities; Phase 3 will integrate downstream verticals which include energy storage, perovskite PV and AI-driven energy solutions.

The company’s competitive advantage begins with raw material quality. Its flagship silica sands rank among the purest globally, allowing direct use in solar glass manufacturing without costly beneficiation. Combined with supportive regional development initiatives, infrastructure access and proximity to export routes, this foundation supports low operating costs and accelerated development timelines.

Homerun is targeting markets where demand is rising, supply is constrained and domestic production is strategically favored. Brazil currently imports most solar glass and high-purity silica products, creating a strong opportunity for a local supplier with scale, purity and vertical integration.

Company Highlights

• District-Scale Resource Control: Long-term agreements with Companhia Baiana de Pesquisa Mineral secure the Santa Maria Eterna silica district in Belmonte, Bahia, Brazil.
• High-Purity Resource Base: 63.9 Mt measured + inferred grading >99.6 percent silicon dioxide (SiO₂) with ultra-low impurities suitable for direct solar-glass feed.
• Integrated Revenue Model: Multiple profit centers across HPQ silica, ultra-pure processing, solar glass manufacturing, advanced materials and energy technologies.
• Engineering Partnerships: Technical collaboration and budgetary design work from SORG Group and global specialists.
• Energy Storage Innovation: Thermal storage system development with the National Renewable Energy Laboratory.
• Next-Gen Solar Technology: Perovskite module development through subsidiary partnerships including Halocell.
• Near-Term Production Plan: Initial 120,000 tpa ultra-pure silica plant targeting >99.99 percent purity.

Key Projects

Santa Maria Eterna Silica District

The Santa Maria Eterna (SME) district is Homerun’s cornerstone asset and hosts a NI 43-101 mineral resource of 25.56 Mt measured and 38.35 Mt inferred grading above 99.6 percent SiO₂. The deposit’s chemistry allows direct furnace feed for solar glass and high-end industrial applications, eliminating costly purification required by lower-grade deposits.

Independent testwork has demonstrated the ability to upgrade material to >99.99 percent purity using advanced non-chemical processing techniques, confirming suitability for demanding high-technology markets such as solar modules, specialty glass and advanced ceramics.

Strategically located beside a major roadway within trucking distance of export infrastructure, SME benefits from favorable logistics, low royalty rates and strong district-scale expansion potential.

Highlights

• 63.9 Mt combined resource

• 99.6 percent SiO₂ purity

• Ultra-low impurities

• Direct solar-glass feed capability

• District expansion upside

HPQ Silica Processing Facility

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The planned HPQ processing plant represents Homerun’s first commercial development stage, designed to produce 120,000 tonnes per year of ultra-pure silica. Metallurgical testing confirms the ability to reach >99.99 percent purity levels required for solar, semiconductor, optical glass and specialty industrial applications.

Because the feedstock is already exceptionally pure, the facility is expected to operate with lower processing intensity than typical silica upgrading operations. The modular plant design also allows scalable expansion aligned with market demand.

This project establishes the foundation for Homerun’s downstream strategy, transforming raw silica into high-margin engineered materials rather than selling commodity sand.

Highlights

• Initial 120,000 tpa capacity

• 99.99 percent purity output

• Modular expansion capability

• Targets high-value specialty markets

• First step toward vertical integration

Solar Glass Manufacturing Facility

Homerun is advancing plans for Latin America’s first dedicated solar glass manufacturing plant located adjacent to its silica resource. The facility is designed to produce up to 365,000 tonnes annually, positioning the company to supply Brazil’s rapidly expanding solar industry.

The project is supported by signed offtake agreements and engineering collaboration with leading global furnace and glass-plant specialists. Domestic tariffs and incentives supporting local manufacturing further strengthen the economics of in-country production.

Brazil’s solar pipeline exceeds 100 GW of planned capacity, creating a large addressable market currently dependent on imports. Homerun’s strategy is to become a primary domestic supplier while retaining export optionality.

Highlights

• Planned 365,000 tpa capacity

• Offtake agreements including 100,000 tpa contract

• Engineering design underway

• Resource-adjacent location lowers costs

• Positioned to replace imports

Thermal Energy Storage System

Homerun has secured a global intellectual property agreement with NREL to commercialize the silica-based thermal energy storage system designed for long-duration renewable power storage. The system stores heat generated from renewable sources and releases it when needed, providing grid-scale flexibility.

Unlike conventional batteries, thermal storage systems can offer long operating life, scalability and potentially lower lifetime costs. A pilot project is under construction to validate commercial performance and operating economics.

An additional advantage is that the silica medium can be upgraded during operation, creating an ancillary revenue stream through sale of refined material.

Highlights

• Long-duration storage technology

• Grid-scale scalability

• 30-year lifespan target

• Dual-revenue model potential

• Pilot system underway

Homerun Energy Platform

Through its Homerun Energy subsidiary, the company is integrating advanced photovoltaic and digital energy technologies. Members of Homerun Resources’ scientific research team, through its subsidiary Homerun Energy SRL, have been key contributors to advancements in perovskite technology, including a recent peer-reviewed study in Nature Energy demonstrating scalable materials and interface approaches for large-area modules. The research showed 9.0 sq cm and 48 sq cm modules retained over 95 percent of their initial efficiency after more than 5,000 hours of 1-sun light soaking at maximum power point, highlighting both high performance and long-term operational stability.

The division also develops AI-driven energy management software designed to optimize generation, storage and consumption across distributed systems. This software layer introduces high-margin recurring revenue alongside hardware sales.

By combining materials production, component manufacturing and intelligent energy optimization, Homerun aims to create a fully integrated clean-energy ecosystem spanning the entire value chain.

Highlights

• Advanced perovskite PV technology

• 95 percent efficiency retention after testing

• AI energy optimization platform

• Recurring software revenue potential

• Integrated materials-to-systems model

Management Team

Brian Leeners – CEO and Director

Brian Leeners has over 30 years of experience in venture company management and is the founder of Nexvu Capital, where he raised more than US$125 million across materials and technology sectors. He is the architect of Homerun Resources’ vertically integrated strategy and leads corporate development and capital markets engagement.

Antonio Vitor – Country Manager, Brazil

Antonio Vitor is a mining executive with 10+ years of experience in project development and extensive government, banking, and industry connections in Brazil. He has held senior roles at Transpetro, PwC, and Shell, overseeing operations and strategic partnerships in the region.

Armando Farhate – COO

With 37 years of industry experience spanning Brazil, Canada, Namibia, and Botswana, Armando Farhate specializes in operations, engineering, and mineral resource development. He oversees Homerun’s processing, mining, and project construction activities.

Nancy Zhao – CFO

Nancy Zhao is a CPA with more than 9 years in public company finance, previously serving as CFO of First Hydrogen and Neo Battery Materials. She combines financial leadership with a background in chemical engineering and procurement for Sinopec.

Dr. Mauro Cesar Terence – CTO

Dr. Terence holds a PhD in nuclear technology and brings 25 years of academic R&D experience in polymers, nanomaterials, and graphene. Formerly a coordinator at the MackGraphe Research Center, he leads Homerun’s advanced materials and technology initiatives.

Tyler Muir – Investor Relations

Founder of TMM Capital Advisory, Tyler Muir has expertise in capital markets strategy, corporate communications, and investor engagement. He manages Homerun’s investor relations programs and market outreach.