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Cannabis Startup Demecan Raises €7m in Series A Funding

Jordan Webber

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Cannabis Startup Demecan Raises €7m in Series A Funding

German cannabis startup company Demecan raised €7 million in the recent Series A Funding round. Demecan is the only German company in the country which has been allowed by the government to manufacture medical cannabis.

Tech investor btov Partners led the Series A Funding round. Apart from the btov Partners, the other investor for the round includes a German entrepreneurial family office named Single Office Family. Single Office Family hails from a consumer goods industry, notes Der Brutkasten.

In a statement, spokesperson Jennifer Phan of btov Partners said “Demecan operates in a very attractive market at the right time. Germany currently represents the third-largest market for medical cannabis in the world and is on a growth path. We believe that the company has a first-mover advantage in a highly regulated market environment, especially as it is the only German manufacturing and trading company in the European market.”

The cannabis law in Germany allows the use of medical marijuana but with certain medical context. Patients who have sought a doctor and “have no therapeutic alternative” can use MMJ. Recreational use of cannabis is illegal.

Demecan’s Plan to Expand it’s Medical Cannabis Market

Through its funding, the German startup revealed they “are now focusing on further growth and the start of production in 2020,” says co-founder Dr. Constantin von der Groeben. In the same way, the business expressed excitement over the support and partnership of the tech investor. Another co-founder of Demecan, Dr. Adrian Fischer, states that having reliable partners is essential for their success in the field.

Demecan’s financing and government approval entail the company will be legally allowed to manufacture at least 2,400 kilograms of dried cannabis flowers for medical purposes within the next 4 years, reports Tech Crunch. The contract for production came from the Federal Institute for Drugs and Medical Devices (BfArM) in Germany.

Part of the funding will be geared towards the improvement and expansion of their production facilities. Meanwhile, some of the financing raised by the company will go towards its wholesale distribution in Germany.

Starting in 2020, the company will start its production and supply of medical marijuana in partnership with the Federal Republic of Germany. According to EU Startups, the cultivation and processing site of these cannabis flowers are located near Dresden.

Apart from being granted permission to produce dried cannabis flowers for the medical industry, Demecan will also be allowed to distribute and sell medical cannabis within the nation.

Besides the German cannabis startup company, two other companies from Canada obtained contracts from the government last May 2019 to produce and provide medical marijuana in the country.

The demand for medical marijuana increased after it was legalized in the country last 2017.

Cannabis News

Cann Social Tonics Gains $5m in Funding

Jordan Webber

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CBD Infused Drink

Los Angeles-based cannabis-infused drink producer, Cann Social Tonics, announced its successful acquisition of $5 million investment funding. The funding round was spearheaded by Imaginary and JM10, an early-stage investment firm and marijuana company, respectively.

Cann’s beverages include 4 milligrams of CBD and 2 milligrams of THC. Unlike beer and other alcoholic drinks, this market offering is geared towards people who want to enhance socialization without the hangover, notes Forbes.

In a statement, the drink is said to be “uniquely designed to be approachable even for someone who has never previously considered cannabis as a part of their social lives – and appealing to that consumer is what it takes for a product to break the ‘stoner’ stigma and cross over into the mainstream,” shares co-founder Luke Anderson.

As of writing, the continued success of Cann is astonishing, with the brand just having sold 150,000 of its beverages.

Both Anderson and fellow co-founder Jake Bullock shared that the initial public response toward their products is astounding, especially having sold out a couple of times. Despite their increasing popularity with target audiences, Tech Crunch reports that there are still regulatory and supply chain challenges that stand in the way.

JM10’s investment in the cannabis-infused company allows it to expand its strong cannabis portfolio, with the likes of Lord Jones in its ranks. Founding partner JM10 Gregory Thomaier said, “Cann is unique in that its flavor profiles, ingredient purity and smokeless format sets the brand apart not only within the cannabis space, but also the beverage industry as a whole. We feel beverages like Cann provide the perfect product for the cannabis-curious.”

Meanwhile, Forbes reports that Cann is Imaginary’s first foray into marijuana investment markets and opportunities. Prior to this cannabis-infused drink maker, Imaginary only reportedly invested in renowned direct to consumer brands, including Daily Harvest, Everlane, Glossier, Reformation, and Kim Kardashian-West’s Skims.

According to Forbes, the $5 million seed investment round is slated to boost the growth of Cann’s cannabis-infused social tonic throughout different parts of California. In addition, the business is expected to bring its offerings to other states this 2020, as well.

Cann Social Tonics also plans to use its funding toward growing its business in new legal markets. Moreover, the brand intends to intensify is production capacity, as well as investing in product development to meet the demands of its existing pool of clients and potential customers.

 

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Cannabis News

High Times Slated to Launch Retail Stores this 2020

Jordan Webber

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High Times Retail Stores

Cannabis-focused publication High Times recently announced its intention to introduce its own brand of cannabis product through its very own retail stores. According to a news update posted on the magazine’s website, there will be two High Times-branded locations in Las Vegas and Los Angeles.

The parent company of the publication, Hightimes Holding Corp., said that the retail stores will bear the logo and name of High Times. It will be carrying memorabilia associated with the publication. Moreover, the stores will be distributing “licensed products of the company and various cannabis products.”

Deciding to establish its first two locations in Las Vegas, Nevada and Los Angeles, California, High Times will soon be operating in two of the biggest cannabis markets in the United States. California and Nevada both have legal recreational marijuana laws in place.

The company expressed optimism in this venture. According to the news update, Hightimes Holdings “hopes to announce additional locations for other stores in the coming weeks.”

In an interview with Yahoo Finance’s On The Move, CEO Stormy Simon said that High Times is now ready to directly participate in the cannabis business. However, he clarified that it will not in the business of “touching the plant, per se.” Instead, it will be involved in “the last stages before it reaches a consumer.” This means that the publication will be working delivery, retail and connecting with customers.

As of this writing, adult-use recreational cannabis is legal in 11 states, while medical marijuana is allowed for use in 33 states. Illinois is the latest state to join the ranks of California, Nevada and other states that allow legal recreational use.

Simon is confident that the publication is suitable to run such a business. With 45 years under its belt, the magazine has covered a wide range of cannabis-related topics including legalization and market. Simon said that retail is “just the natural next step of taking [the] brand into the hands of the consumers.”

When asked about the possibility of federal legalization of the plant, Simon said that the question is a “dangerous one to answer.” He estimated that the next two to five years would be great for the sector in terms of federal legalization. However, he was wary of being sure of this approximation.

Meanwhile, the publication has now launched its online store from which customers can buy back issues of the High Times magazine, as well as exclusive merchandise connected to the brand.

 

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Gov’t Holds First Cannabis Hearing, Talks Policy Changes

Jordan Webber

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Cannabis Hearing

Last Wednesday, January 15, 2020, the House Energy and Commerce Subcommittee on Health held the first-ever cannabis hearing called ‘Cannabis Policies for the New Decade.’ The hearing was held at the John D. Dingell Room at the 2123 Rayburn House Office Building.

Present at the policy hearing were 35 bipartisan representatives from different government sectors. These include representatives and witnesses from the Food and Drug Administration (FDA), the National Institute on Drug Abuse, and the Drug Enforcement Administration (DEA).

Cannabis Hearing – What Was Tackled

Those present at the meeting tackled existing marijuana policies, its effects of marijuana on health, and the possible steps Congress should take to further research in the field.

According to Forbes, the government division came together to talk about and delve deeper into the current federal cannabis policies in place. This includes implications that may arise from putting marijuana in another category and exploring the possibility of cannabis research.

At the core of the discussion is the confusion between the legalization landscape, primarily because 11 states have already legalization the sale of marijuana, while 22 other states observe their own medical marijuana. This greatly clashes with the substance remaining illegal on a federal level.

In a statement, Republican Representative from Oregon, Greg Walden, said that “The states are way ahead of where we are federally.”

Apart from tackling legalization concerns, the group reportedly touched based on marijuana being tagged as Schedule 1 substance and classified as having no medical use, yet there remains a lack of research on what the drug can provide.

To testify, DEA Senior Policy Advisor Matthew J. Strait from the Diversion Control Division, said, “Much like our partners at the Department of Health and Human Services (HHS), the Department and the DEA fully support research into the effects of marijuana and the potential medical utility of its chemical constituents.

To support the DEA’s claim,  the Deputy Director for Regulatory Programs and Research of the FDA Douglas Throckmorton shared that the “FDA has an important role to play in supporting scientific research into the medical uses of cannabis and its constituents in scientifically valid investigations as part of the Agency’s drug review and approval process.

Throckmorton continued, saying “As a part of this role, FDA supports those in the medical research community who intend to study cannabis by: 1. Providing information on the process needed to conduct clinical research using cannabis. 2. Providing information on the specific requirements needed to develop a human drug that is derived from a plant such as cannabis.

The meeting lasted for 3 and a half hours, however, the representatives have yet to make a decision nor cast their votes. Proceedings are available for viewing on the House Committee on Energy & Commerce website.

 

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