US rap star Snoop Dogg has reportedly invested GBP 10 million into a German cannabis startup company ahead of the country’s expected jump to legalisation.
Fresh from rocking the stage at the weekend’s Super Bowl, Snoop Dogg, real name Calvin Broadus, and his Casa Verde Capital team have reportedly invested in Cansativa Group, based in the German city of Frankfurt and dubbed the country’s “largest medical cannabis distributor”.
Casa Verde Capital has reportedly invested EUR 13 million (GBP 10.9 million) in the German startup firm.
The deal, announced by Cansativa Group this week, will help to make Cansativa one of Germany’s largest cannabis enterprises, offering clients a B2B platform for every stage, from importing through to distribution.
Cansativa has an exclusive relation with the Federal Institute for Drugs and Medical Devices (BfArM), and is the only company authorised to distribute domestically-grown medicinal cannabis.
Benedikt Sons, founder and CEO of Cansativa Group, said: “This investment from Casa Verde, one of the industry’s preeminent cannabis venture firms, is a significant milestone for our company and sends a strong message to the European cannabis industry.
“It will allow us to realise our ambitious vision to become the operating backbone for cannabis retail in Germany. With Germany poised to become the largest economy in the world to fully legalise, we will play a vital role in enabling simple and safe access to cannabis for everyone.”
He added that the company is aiming to become the “Amazon” of cannabis supply in Europe.
Casa Verde Capital spokesperson Yoni Meyer said: “Cansativa is strategically positioned to become one of the leading cannabis platforms in Europe. The company combines crucial industry expertise with an ambitious vision and a rapidly growing success story.
“We firmly believe this team will play a central role in the expected legalisation in Germany and have a decisive impact on the European market, projected to reach USD 3.6B [GBP 2.65 billion] by 2025.
“Our goal is to simplify cannabis commerce in the rapidly-growing and evolving European environment. By ensuring product availability and offering flexible ancillary solutions, the Cansativa platform will soon be Europe’s one-stop-shop for all things cannabis.”
Germany is expected to relax the ban on cannabis possession and legalise use of the drug for all adults in the near future, with other EU countries such as Switzerland and the Netherlands also tipped to consider legalising cannabis in the next few years.
