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Europe will be the world’s largest legal cannabis market for the next five years, outperforming Canada and the US
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February 10, 2020 • • March 6, 2020 • • 1 minute read Photo by Michael Tran / Getty Images
(Bloomberg) – A German company has secured the largest financing round to date in Europe’s growing medicine cannabis Sector from a group of investors including the entertainment mogul behind names like Justin Bieber and Usher.
The Berlin-based Sanity Group has raised 22 million US dollars in equity from the Scooter Braun investment fund TQ Ventures and the German company Cherry Ventures. Karan Wadhera, managing partner at Snoop Doggs Casa Verde Capital, also invested personal money in the round.
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The Sanity Group is currently active in the medical field in Germany cannabis Sanatio Pharma company and VAAY wellness brand. “Our goal is to become number one in Europe, a market that some believe may outperform North America in size and volume, depending on the progress of legalization on the European continent,” said Finn Hansel, General Manager at Sanity .
Europe becomes the world’s largest legal company cannabis According to consulting firm Prohibition Partners, the market will outperform Canada and the United States in the next five years. Germany is by far the greatest medicine cannabis Market in Europe, importing nearly 15,000 pounds of flowers in 2019.
Holtzbrinck Ventures, Atlantic Food Labs, Calyx and several angel investors supported the Sanity Group in an earlier investment round.
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