Berlin-based cannabis startup Sanity Group announced Monday the closing of a $22 million Series A funding round, with investments from entertainment mogul Scooter Braun, Berlin’s Cherry Ventures, and a personal investment from Snoop Dogg’s money man, Karan Wadhera of Casa Verde Capital.
The round represents the single largest cannabis funding round in Europe to date. As legalization across the European continent progresses at pace, Europe could potentially surpass both the U.S. and Canada to become the world’s biggest market.
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Sanity Group, which produces products for the medical cannabis and wellness market under the brand names Sanatio Pharma and VAAY has quickly established itself as a front-runner in Europe.
“This investment will fuel critical growth for the company, enabling us to provide more people in Germany and Europe with access to medical and medically-related cannabis products,” said Sanity Group Managing Director Finn Hänsel. “We want to be number one in Europe in revenues and market share.”
Photo by Javier Hasse.
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