Medical cannabis tech accelerator TechforCann Europe announced this week that Malta Enterprise, the island’s state innovation agency, has raised € 2.5 million.
The organization will seek to support young entrepreneurs in the European medical cannabis market, which is expected to reach more than $ 36 billion in sales by 2027, a CAGR of nearly 30%.
“At TechforCann Europe, we believe that technology can address the industry challenges that are holding back entry into the biotech, pharmaceutical and high-tech industries for growth,” CEO Lilac Mandeles told Benzinga.
“The European cannabis market is primarily intended for medical purposes and has specific regulatory and industry-intensive requirements,” she added.
According to Mandeles, TechforCann’s goal is “to identify the next breakthrough startups and lead them to success, with an emphasis on early stage startups that answer the challenges of the industry”.
TechforCann Europe was founded by Israel-based entrepreneurs Mandeles and Yona Cymerman.
Mandeles is a former pharma manager with experience at J&J, Lilly and Teva.
Cymerman co-founded a medical cannabis development agency in Israel and ran her own strategic marketing firm for 12 years.
The accelerator’s first cohort is expected to go into operation in September 2021.
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