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Medical cannabis in Western Europe

In this paper, we explore the reasons behind the growth of cannabis as a therapeutic substance and we explore the dynamics and developments in European medical cannabis, with a particular focus on Germany, Europe’s leading cannabis market.

The global cannabis market is evolving from an illegal and mainly recreational market dominated by drug cartels to a legal medical and recreational market in the hands of public and private companies.

Western Europe boasts some of the world’s fastest-evolving and most significant opportunities in medical cannabis, with countries reassessing their restrictions as public support for legalization grows and commercial and social benefits become apparent.

Existing medical cannabis markets such as Germany, Italy and the Netherlands are expanding their programs whilst new medical markets like the UK, France and Spain are reviewing current legislation. And the seeds of a second wave of growth to allow recreational adult use of cannabis are being planted.

Western Europe is on track to become the world’s largest legal medical cannabis market over the next ten years, projected to be worth EUR15.3bn in 2029, up 60x from EUR250m in 2019. Germany, the leading European medical market, is expected to grow to EUR4.9bn by 2029 from EUR210m in 20191. In this paper, we examine the dynamics and developments in European medical cannabis, with a detailed look at the German market.

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Game changers facing B2B telecom operators

The B2B telecom market offers highly attractive growth opportunities. As corporates digitalize, their migration to new technologies and services is opening the door for challengers and outsiders to grab market share from incumbents.

Current valuations in the B2B telecom sector are high comparable with software, but they reflect strong growth profiles and high levels of recurring revenue. M&A is set to continue as investors look for recurring revenue and growth. At the same time, all B2B operators are seeking to accelerate their development, gain scale in distribution or with their services portfolio, and seize the growth opportunities presented by technology transformation.

In this paper we look at the main trends that are shaping the B2B telecom market and driving a wave of consolidation and M&A. We explore how technologies such as VoIP, unified communications, fibre and SD-WAN are challenging legacy services and providers, and opening opportunities for the smaller players. And we describe the valuations and the drivers for M&A in the sector and discuss the strategy of different players, from incumbents to local “outsiders”.

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A good time for solidarity dividends

The debate in France about whether dividends should be paid this year is healthy. However, it not only misses crucial nuances about dividends: it could also miss an opportunity for them to help solve our current crisis. In this feature, we argue for “solidarity dividends” to support vulnerable parts of our economy and society.

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Bryan, Garnier & Co promotes Stanislas de Gmeline to Partner

PARIS, 9 March 2020 – Bryan, Garnier & Co, the leading pan-European Investment Bank focusing on growth companies, is delighted to announce that Stanislas de Gmeline will become a Partner at the firm.

Stanislas has worked as Managing Director with Bryan, Garnier & Co’s Business Services practice since 2017.

Key transactions he has worked on at the firm include Hg’s investment in smartTrade, the Groupe Crédit Agricole acquisition of Linxo, Keensight’s investment in Sogelink, Ingenico Group’s carve-out of its French healthcare business to Andera Partners, the IK Investment Partners acquisition of Recocash and the sale of Quality Insurance Services to CNP Assurances.

Before joining Bryan, Garnier & Co, Stanislas, spent 10 years in investment banking working for both bulge brackets banks (HSBC, Credit Suisse) and independent M&A boutiques in London and Paris, as well as 7 years in venture capital and small-cap LBO investment for private banks. He is also the Founder of Valbrenne Finance, an independent Corporate Finance advisory boutique dedicated to entrepreneurs and family offices.

Greg Revenu, Managing Partner, Bryan, Garnier & Co comments: “The promotion of Stanislas to Partner recognizes his immensely valuable contribution to the firm since he joined us in 2017. At Bryan, Garnier & Co he has built on his excellent track record in investment banking and been a key player in numerous high-value transactions over the past year. His entrepreneurial spirit has proven to be a perfect match for our business ambitions and culture”.

Stanislas holds a Master of Business Administration from INSEAD as well as a Master’s Degree in Political Sciences from Sciences Po, in Paris where he majored in Economics and Finance.

About Bryan, Garnier & Co

Bryan, Garnier & Co is a European, full-service growth-focused independent investment banking partnership founded in 1996. The firm provides equity research, sales and trading, private and public capital raising as well as M&A services to growth companies and their investors. It focuses on key growth sectors of the economy including Technology, Healthcare, Consumer and Business Services. Bryan, Garnier & Co is a fully registered broker dealer authorized and regulated by the FCA in Europe and the FINRA in the U.S. Bryan, Garnier & Co is headquartered in London, with additional offices in Paris, Munich, Stockholm, Oslo and Reykjavik as well as New York and Palo Alto. The firm is a member of the London Stock Exchange.




Organizations today are embracing technologies such as cloud services and mobile computing to enhance employee productivity, generate new revenue sources and improve operating efficiency.

More broadly, the number of communications is exploding, as is the internet of things (IoT) – and data is everywhere. This emergence of an increasingly distributed IT infrastructure, along with the explosion in its diversity, scale and importance has greatly increased vulnerability to attacks. As a result, cybersecurity has become more critical for governments and corporations alike.

In this paper, we explore the reasons behind the growth of the cybersecurity market. We also look back to the launch of cybersecurity solutions to understand why prevention-based solutions such as antivirus software have failed in the past, examining how the market reacted to that failure with the emergence of detection-based tools such as Endpoint Detection and Response. Finally, we explore how the market is once again changing its paradigm, taking a more proactive stance to fend off cyber threats using Cyber Threat Intelligence and orchestration.

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