French Biotech Raises $7.25M In Preparation For Medical Marijuana Program

Orléans, France-based Overseed Biotech, which focuses on agronomic research and development of cannabis-derived medicines, raised 6.7 million euros ($7.25 million) in Series A fundraising round with the goal of becoming the first French manufacturer of 100% medical cannabis medicines, writes EU-Startups.

"On the French market, we are 2 to 3 years ahead in terms of manufacturing expertise, and will be ready to offer high-quality, high-volume production from day 1," stated Hugues Péribère, CEO and founder of Overseed. "This financing is the final sprint to market access. We are counting on the interest of the authorities to facilitate a rapid assessment of our case so that we can get to market as quickly as possible."

In 2023, France took a step toward the generalization of medical marijuana. On Oct. 23rd the government proposed an amendment to the Social Security Financing Bill (PLFSS) concerning medical marijuana. This is the first time, medical cannabis law was presented to France's general medical framework. Under the new proposals, medical marijuana products will be granted a "temporary authorization" for five years, with a possibility of indefinite renewals.

The use and health insurance coverage of medical marijuana is set to start in January 2025. Preparing for this important development in the medical marijuana space, Overseed raised the money. This latest round was secured from Anthony Bourbon’s Blast.Club and the seed capital fund of the Centre-Val de Loire region are managed by UI Investissement, which supports young innovative companies in the region with the support of the European Union. The round follows up on the biotech's 2.5 million euros seed round in 2022.

Bourbon, founder of Blast.Club, said: "Overseed's scientific rigor and meticulous anticipation of the market make it an innovative player with all the cards in hand to become the market leader in the coming years."

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Since its launch in 2021, Overseed has been a founding member of the French association of medical cannabis players, Santé France Cannabis. The biotech obtained the 1st French R&D authorization for the Cannabis Sativa plant, developed its research program, and partnered with several suppliers.

Furthermore, Overseed entered into a three-way collaboration with RS/CBM (Molecular Biology Center) and the University Hospital of Orléans for preclinical and clinical work. The idea behind these activities is to research the impacts on other conditions and to confirm efficacy.

The company is focusing on a range of three oral products, that should be put on the market in partnership with a French pharmaceutical company with distribution capacity in France and potentially Europe.

Second National Hemp Festival

Meanwhile, on July 6th-7th, the second National Hemp Festival will be held at Cherveux Castle. Guillaume Dumoulin, a farmer and founder of the agriculture cooperative La Sévrienne, is one of the organizers behind the festival. The event welcomes hemp enthusiasts, manufacturers, growers, processors, entrepreneurs and also local authorities, writes CannaBizEu.

The goal behind this festival is to raise public awareness about hemp benefits and its potential industry development. There will be a roundtable led by professionals sharing their expertise on hemp. Discussions will include both the plant's use in the textile industry and sustainable construction, and also its health and wellness benefits. There will be various demonstrations as well.

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• 22.8M Europeans Used Weed Last Year, German University Launches Marijuana Cultivation Course And UK’s ‘Cannabis Martyr’

To keep on top of what is happening with cannabis in the US and across Europe, join us at the 19th Benzinga Cannabis Capital Conference, which is coming to Chicago this Oct. 8-9. Get your tickets now before prices go up by following this link.

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