Berlin-based cannabis and digital health start-up Sanity Group has closed a $ 44.2 million Series A financing round led by Swiss VC Redalpine, as well as US firms Navy Capital and SOJE Capital. GMPVC also participated in the round. This appears to be the largest cannabis funding round in Europe to date and brings the total investment in Sanity Group to $ 73 million.
The new capital will be used to expand the Group’s medical division in Europe as well as an EU GMP-compliant research and production center near Frankfurt.
Previous investors include HV Capital, TQ Ventures, Atlantic Food Labs, Cherry Ventures, Bitburger Ventures, and SevenVentures. In addition, Sanity Group has attracted celebrities like music producers will.i.am, Scooter Braun and actress Alyssa Milano.
Sanity’s cannabis-based platform is aimed at mental health and chronic pain management, enabling digital monitoring of cannabis-based therapies with a medical device. This tells customers how much of the active ingredient (THC, CBD, or other cannabinoids) is being administered. This is then recorded in a therapy journal.
Finn Age Hänsel, Founder and Managing Director of Sanity Group, said: “A cycle of this magnitude shows that cannabis is increasingly popular with investors and represents an important step in our company’s expansion towards becoming the leading cannabis company in Europe. “
In an interview he added: “So we are completely legal and operated in Germany. We are about to enter the Czech Republic and Poland. The UK is one of the most important markets we want to enter because, as you may know, the whole field of medical cannabis is slowly but steadily opening up across Europe with Germany being the largest market, around 80% of all cannabis. cannabinoid therapies today. But in fact the UK being number two which is a super attractive market for us but we are looking further at the Czech Republic and Poland because these are the markets that have opened up from a regulatory point of view. , at most, in the last two years, then France will open next year, but it’s basically one after the other.
Sean Stiefel, CEO of Navy Capital, said: “The European cannabis market is facing some exciting developments in the coming months. Compared to the North American market, Europe is now where we were in the United States about four years ago. We want to bring our expertise and experience to the table. For our first investment in Europe, it was important for us to find a team that understands the market and has real industry experts in its ranks.