Berlin – Berlin-based cannabis startup Sanity Group announced that it has closed a $44.2 million (€35 million) Series A financing round. The round is led by Swiss venture capital firm Redalpine Venture Partners. Joining them were U.S. investors Navy Capital and SOJE Capital, as well as Germany's GMPVC. This represents the largest round of cannabis funding in Europe to date and brings total investment in Sanity Group to $73M USD.
Sanity Group aims to improve people's quality of life through the use of cannabinoids. In addition to pharmaceuticals, the focus is also on wellbeing and cosmetic products.
The new capital will be used primarily to further expand the Group's medical division in Europe. Funds will also be used for the build out of EU-GMP-compliant research and production facility new Frankfurt am Main for the entire Group, which will serve both the medical and the wellbeing areas of the Sanity Group in the future, and to expand Sanity Group's consumer goods business. Sanity Group currently employs 90 employees in Europe including cannabis experts, physicians, pharmacists and biologists.
Venture capital specialist René Spitz provided comprehensive legal advice to the main investor Redalpine in this financing round together with a cross-location team of experts. Weitnauer regularly represents both companies and investors in financing rounds.
About Redalpine
Redalpine is a leading European early stage venture capital investor focused on disruptive innovation and with a broad sector investment strategy from health-tech to ICT startups. Redalpine's diverse team supports the 70+ portfolio companies not only with financial investment but also with its in-house operational and subject matter expertise and extensive international network. Redalpine's ambition is to help talented entrepreneurs turn their visions into reality and scale their businesses into international success stories.
Weitnauer Team:
Marc René Spitz, LL.M. (Venture Capital/Munich)
Alexander Tribess (IT, Data Protection/Hamburg)
Andreas Michael, LL.M. (Venture Capital/Berlin)
Tim Kowalsky, LL.M. (Venture Capital/Berlin)
Dr. Alice Niemann-Fritsch (Venture Capital/Munich)
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