The funding will accelerate the development of a state-of-the-art indoor research and bioproduction facility that will meet growing European demand.
European medical cannabis company AceCann has announced the completion of a $ 15 million (USD) seed funding round.
The financing round was led by venture capital firm Casa Verde with the participation of Portuguese venture capital firm Lince Capital, as well as public finance and debt capital. The company will use the proceeds to develop a state-of-the-art manufacturing facility in Vendas Novas dedicated to the organic cultivation, processing and extraction of high quality medicinal cannabis products. Construction started in September.
“Our goal is to create the gold standard for medical cannabis – from cultivation to commercialization, with intellectual property at every step of the value chain,” said Pedro Gomes, CEO of AceCann. “With the support of our investors, we can accelerate our mission to create consistent, high-quality products that give patients access to life-changing innovations.”
With the European cannabis market expected to reach $ 3.4 billion by 2024, AceCann stands out for its unique growing process and pharmaceutical manufacturing expertise. By focusing on smaller, scalable indoor farming methods, AceCann will be able to precisely control temperature, humidity and other variables to ensure that each plant is cared for on a daily basis while meeting the quality standards associated with high quality medicinal cannabis products are connected.
“With legalization across Europe, we expect a rapid and exponential increase in demand for high quality cannabis flowers and extracts. With an experienced team, unique cultivation and extraction techniques and a large network, AceCann can become a premium provider for Europe’s booming medical cannabis industry, ”says Yonatan Meyer, partner at Casa Verde.
Other investors participating in the round include Chris Mayle and Marc Gare, co-founders of Advanced Grow Labs (acquired by GTI); Frank Cid, CEO of Royal Life Centers; and angel investor Sebastian de la Rosa of Whistler Medical Marijuana Corporation (acquired by Aurora).