German simply hit a brand new milestone within the house the place enterprise capital and the burgeoning Cannabis trade meet.
Berlin startup Demecan has accomplished a Series A financing spherical of seven million euros to develop its manufacturing facility for medical hashish and the wholesale commerce in Germany. It’s change into the one German firm allowed to supply medical hashish in Germany.
This is a watershed for the nation and is the first funding on this sector for btov Partners, a personal investor community. The different half of the funding got here from a single, named German household workplace, which is known to have its roots within the client items sector. Only two different corporations, two of them from Canada, had been awarded the contract to supply medical hashish in Germany in May 2019.
btov Partners manages belongings of €420 million and has beforehand invested in tech startups corresponding to Blacklane, Data Artisans, DeepL, Facebook, Foodspring, ORCAM, Raisin, SumUp, Volocopter and XING.
The inexperienced mild from Germany’s Federal Institute for Drugs and Medical Devices (BfArM), means Demecan will be capable of produce at the least 2,400 kilograms of dried hashish flowers over the subsequent 4 years. Demecan can be energetic as an importer and wholesaler of medical hashish and might thus cowl your complete worth chain. Since the German authorities allowed hashish to be prescribed for therapeutic functions in 2017 demand has outstripped provide.
Jennifer Phan of btov Partners mentioned in a press release: “Demecan operates in a very attractive market at the right time. Germany currently represents the third-largest market for medical cannabis in the world and is on a growth path. We believe that the company has a first-mover advantage in a highly regulated market environment, especially as it is the only German manufacturing and trading company in the European market”.
Dr. Constantin von der Groeben, co-founder of Demecan, added: “In recent years, we have intensively dealt with the market and reached an important milestone by winning the tender process. We are now focusing on further growth and the start of production in 2020.”