Cologne-based medical cannabis startup Cannamedical has secured €15 million in Series A financing from Orkila Capital LLC, the US and Germany-based growth equity investment firm. The funding is considered to be Europe’s largest equity investment in a cannabis startup.
Jesse Du Bey, founder and Managing Partner of Orkila Capital expressed, “We look for leading platforms in massive and evolving consumer markets and have found such an opportunity in Cannamedical. As with our early leading investments in the global health and wellness space and the European craft beer industry, we believe in Cannamedical’s ability to provide customers with an innovate product and help develop the potential of a huge market.”
He further added, “Having observed the development of the North American medical cannabis market, we know medical cannabis is an important, organic medicine with few side effects, primarily targeting patients with acute and chronic conditions. Having witnessed the terrible consequences of the opiate prescription wave in the US, we believe Cannamedical can be a key player in helping German healthcare professionals to provide millions of consumers with a natural therapy for chronic pain and many other acute conditions.”
Cannamedical – a GDP certified medical cannabis wholesaler
Cannamedical Pharma GmbH is one of Europe’s leading medical cannabis wholesalers. The German startup maintains GMP and GDP certified product quality. Cannamedical’s medicines are made of the dried blossom of the hemp plant.
The high-quality product ranges include cannabinoid oil, medical marijuana grinders and patient ID cards for patients suffering from cancer and chronic pain.
Comprehensive consulting services for healthcare professionals
Cannamedical facilitates doctors, pharmacies and health insurance providers with informative sessions by a professional team of experts.
Headquartered in Cologne, Cannamedical was founded in 2016. The startup owns subsidiaries in Canada, the United Kingdom and Greece. With €1 million turnovers, the company imports premium-quality cannabis products and distributes them to 2,000+ pharmacies and clinical institutions.
Committed to improving the lives of cancer patients
Cannamedical is in the mission to help cancer and multiple sclerosis (MS) patients to get relief from chronic or acute pain with medical cannabis.
Europe is becoming the largest medical cannabis market
Medical cannabis was legalised in Germany in March 2017. The medical marijuana market is rising exponentially and Europe is going to be the world’s largest legal market for medical cannabis in the coming years.
David Henn, CEO and founder of Cannamedical articulated, “I am very pleased that Orkila Capital has recognized our growth potential and chosen to invest in us. Our most important goal is to ensure the timely supply of medicinal cannabis to patients at all times. And we are very proud of our reputation in Germany for providing the highest levels of customer service and operating with transparency and integrity.”
Stay tuned to Silicon Canals for more updates in the tech startup world.
Did you know you can post your job for free on our job board? If you require extra promotion, reach out to remco@siliconcanals.nl for a discounted offer.
