GERMAN cannabis firm Sanity kept a clear head to secure $4.8m of new investment – despite the European Commission’s recent narcotic CBD implosion.
Its latest successful fund-raising round involves a number of high profiles celebrity investors including Black Eyed Peas frontman Will.iam, US actress Alyssa Milano and German international footballer Mario Goetze.
Co-CEO Finn Hänsel, who is also chairman of industry body Initiative Pro CBD, said the European regulator’s recent ruminations did not impact its plans, as it was sure CBD is not a ‘narcotic’.
He continued: “The decision of the EU Commission to change its previous view in the light of the European Court of Justice ruling will have a positive impact on the entire CBD market.
“After the clear ruling of the European Court of Justice of 19.11.2020 (in the KanaVape case) on the classification of CBD products, these decisions are a further important step towards a differentiated and appropriate consideration of medical and non-medical cannabis.”
Sanity Group was founded in 2018 by German entrepreneurs and cannabis advocates Mr Hänsel and Co-CEO Fabian Friede.
It is fully licensed and operates two business units, Vayamed, a medical cannabis company and Sanity Care, a consumer goods business encompassing the wellness brand VAAY and CBD-cosmetics brand This Place.
This latest boost brings the total investment in Sanity Group to $29m – the highest level of investment raised to date by a European cannabis start-up – and coincides with the launch of its VAAY CBD brand into the UK market.
German TV entertainer Klaas Heufer-Umlauf, model Stefanie Giesinger and Bitburger Ventures also contributed to the $4.8m fundraise.
They join Justin Bieber’s manager Scooter Braun, whose investment fund TQ Ventures invested in Sanity, alongside Berlin-based Cherry Ventures in February 2020.
Mr Hänsel added: “With growing celebrity backing, endorsement and support, Sanity Group is taking the European wellness market by storm. This additional investment in our business will help drive forward the expansion of our wellbeing division and brands across Europe.”
The Sanity Group now employs a team of over 80 people at its Berlin headquarters.
Peter McCusker is the Founder and Editor of BusinessCann and an experienced news and business editor, who believes it’s time to fully embrace the multiple, proven, medical benefits of the cannabis plant. BusinessCann covers the ins and outs of the growing European Regulated Medical Marijuana marketplace. Peter can be reached at [email protected].
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