American rap artist Snoop Dogg turns his attention to Europe's booming cannabis industry. Snoop, whose real name is Calvin Broadus, is the co-founder of Casa Verde, a Los Angeles-based equity fund (VC) focused on the cannabis industry.
Casa Verde announced today that it has invested $15 million (€13 million) in Portuguese medical cannabis company and startup AceCann. It is the US company's first investment in Europe.
Snoopdogg invests in green gold in Portugal
AceCann CEO Pedro Gomes said the involvement of Snoop Dogg and Casa Verde is a huge vote of confidence in the startup. “The investment is very much a stamp of quality for us.” The Portuguese start-up, founded in 2019, said it would use the funding to develop a "state-of-the-art" manufacturing facility in Vendas Novas, an hour outside the capital Lisbon. “We want an indoor facility here.” AceCann's new production facility could generate as much as $2024-15 million in annual sales by 20, Gomes predicts.
We foresee a rapid and exponential increase in demand for high-quality cannabis flowers and extracts due to legalization in many areas,” the company said on its website. “With an experienced team, unique cultivation and extraction techniques and an extensive network, AceCann can become a premium supplier to Europe's thriving medicinal cannabis industry”.
Europe's cannabis wave
Although cannabis is illegal in Europe, some countries allow its use for medicinal purposes and the industry is growing rapidly. According to the European Cannabis Report, the European cannabis market is expected to reach €2025 billion by 3,2.
In 2020, 60.000 people had access to cannabis medicines for the first time in Europe, bringing the total to 185.000 patients for that year. Germany could legalize cannabis adults in due course, as parties held coalition talks – following the September election plan – to relax the ban on cannabis possession. It is expected that more European countries will also consider legalization in the coming years.
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