Cannabis startups in Germany are experiencing an uptake in investment funding as they look to capitalize on the potential of the legalization of recreational marijuana. This comes as the sector of medical marijuana, which is legal, is experiencing tremendous growth. Investment funding in the cannabis sector experienced slow growth in 2020 before regaining its momentum last year. According to Stephen Murphy, the CEO, and co-founder of marijuana research firm Prohibition Partners, this year has begun with a positive start as investors position themselves to benefit from the burgeoning market. Additionally, investors are looking forward to the legalization of recreational marijuana in Germany. The ruling coalition has made promises, but its legalization appears not to be close at hand. Canadian and American businesses that have their business operations in Europe are also positioning themselves to gain from an expanding recreational market. Cansativa Group, a startup based in Frankfurt, has raised $15 million in a Series B funding round that was led by Snoop Dogg-backed investment company Casa Verde Capital. According to its co-founder Benedikt Sons, this round provided better results in comparison to the first one. The company is the only distributor of cannabis that is cultivated in Germany.
CannabisNewsWire, 03/08/2022 04:20:00