When it comes to the medical cannabis market, the US and Canada are the biggest legal markets despite the fact that it is not legal in all states in the US. Gradually, the European medical cannabis industry is also catching up with the trend. It looks like this is the next rage for the medtech startups in Europe.
Some European entrepreneurs have already started gaining a foothold in the emerging medical cannabis market. These startups are making use of the substance to provide benefits to users. With the integration of technology such as blockchain and internet platforms, these medtech startups are helping people come out of their illness.
A handful of these medical cannabis startups work via a mobile app that helps novice growers of marijuana connect and share information among them. Some offer valuable features that offer commercial benefits. Here, we have listed 10 dope startups that are revolutionising the marijuana and medtech industries in Europe.
Founders: Antonin Cohen
Harmony founded in 2014 is exploring the science of cannabis. It intends to create the most affordable and efficient hemp-powered products that will ensure harmony and wellness. Harmony uses legal and certified hemp and uses it for a range of applications. This company creates CBD (cannabidiol) products including vape pens and e-liquids in a range of flavours. These products are distributed by over 2,000 retailers across the world.
Founders: Aurelien Bernard
French medical cannabis startup Newsweed was founded in 2015 to let people across the world know what is happening in the cannabis industry. It is an online publication and a leading cannabis-related media source. It lists topics such as evolution and legalisation of the substance and research on medical cannabis, trends, biology, business and more. Newsweed will provide you with all the updates regarding the same.
Founders: Marguerite Arnold, Martin Weller
Established in 2017, MedPayRx is a medtech and insurtech startup that aims to reduce the pain and paperwork of prescriptions. It is a mobile app, which connects medical cannabis doctors, patients, insurers and pharmacies in Germany. The app helps anyone who is need of a medical prescription and those who need special approvals. Patients can also find doctors who prescribe the substance and friendly pharmacies as well.
Prohibition Partners (London)
Founders: Stephen Murphy
Prohibition Partners was established in 2017 with the intention to the world’s first source of intelligence and independent data related to the cannabis industry. The company touts that its data and insights will unlock the commercial and societal potential of cannabis. The consultancy team of Prohibition Partners works with operators, investors and regulators to identify and execute opportunities across jurisdictions.
Founders: Andreas Troger
Hanfgarten is a one-stop destination for those looking for cannabis products. Established in 2015, this Austrian online retailer of CBD products is among the biggest distributors of hemp products in the European market. Hanfgarten sells hemp seeds, plants, CBD oil, cannabis-based teas and wines and accessories such as soaps, fertilizers, growing kits, license, room sprays and more. Notably, this online retailer will ship CBD products as long as the same is legal in the country.
Cannamedical Pharma (Cologne)
Founders: David Henn
Funding: €13.6 million
Cannamedical Pharma is a leading cannabis wholesaler in the European Union. In 2016, this medtech startup was established to sell products such as high-quality cannabinoid oil, cannabis varieties, patient ID cards to treat conditions such as chronic pain and cancer and medical marijuana grinders. As of now, 600,000 patients in Germany possess the license to use medical cannabis.
Founders: Niklas Kouparanis
Funding: €1.4 million
Pharmaceutical company Farmako is involved in the research and development of cannabis products to catch up with the backlog of nearly a century. Founded in 2018, Farmako is active in all countries in Europe where cannabis is legal and conducts research and develops cannabis products. Notably, medical cannabis helps in treating chronic pain and brings improvement to those suffering from AIDS and cancer.
Growbud based in Copenhagen markets Buds, an iOS app, which acts as a visual journal to the crop growers. The app shows photos so that the grower can monitor the various phases of the crop’s growth cycle. The journals can be shared among other growers, corporate headquarters or botanists to receive feedback on the health of the crops. As privacy is very important, the meta data is removed from the images before these are stored and shared.
Growth Mavericks (London)
Founded in 2017, Growth Mavericks touts itself to be the world’s first cannabis growth hacking agency. The company helps marijuana startups grow with the help of digital marketing. It provides different growth packages starting from $299 (approx €264) and provides services such as conversion optimisation, customer acquisition optimisation, content strategy, content creation, SEO optimisation and more.
Founders: Constantin Marakhov
As marijuana is becoming legal in many countries, Hempfy based in Duillier, Switzerland expects comestible cannabis to replace alcohol and smoking. It is becoming the world’s preferred social drug. But cannabis is not widely prized for the flavour it possesses and Hempfy has come up with a solution to this problem. It develops and markets cannabis infusions that will bring the best flavours from the cannabis plant and perfectly blend it with the herbal flavour to give the best result. Founded in 2017, this company has received clearance from the Swiss government to develop THC-free essential oils and beverages.
Stock photo from Flapas/Shutterstock
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