(Bloomberg) -- German cannabis firm Cantourage Group SE jumped more than 130% on its first day of trading, making it one of the few and most successful IPOs this year in an otherwise anemic market.

“We are Cantourage and we love cannabis,” co-founder Florian Holzapfel said when ringing the bell on Friday morning, adding the firm is happy to say ‘HIGH’, also the firm’s ticker symbol, to the Frankfurt stock exchange. Shares traded at €15 at 1 p.m.

Prior to the listing, Cantourage sold 15% in new shares to family offices and other individual investors, which were allowed to start trading for the first time on Friday, Chief Executive Philip Schetter told Bloomberg. The rest of the stock is held by Cantourage’s founders and early investors including venture capital firm Think.Health Ventures.

Cantourage, which is currently focused on medical cannabis, is using the proceeds of the share sale to fund its expansion before the legalization starts in Germany.

The government in Berlin last month approved a proposal to permit adults to purchase and possess up to 30 grams (a little over 1 ounce) of cannabis for recreational use, as the ruling coalition fulfills a promise to legalize weed. The step, which will likely become effective at some point next year, will allow controlled cultivation and distribution of cannabis as Europe’s biggest economy aims to curb the black market for the drug.

The move was also a boost for Germany’s nascent cannabis industry and firms including Cantourage and Synbiotic SE, who both have laid out ambitious growth plans. The legislation will also bolster public finances, with the government planning a special cannabis tax.

Germany has a market potential of €4 billion to €7 billion euros for recreational cannabis, Cantourage said in a statement. That is well above the European market for medical cannabis, which is poised to grow to around €3 billion by the end of 2025, according to a report from industry research firm Prohibition Partners.

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