European medical cannabis company AceCann has announced the closing of a $15M (USD) round of Seed financing.
The funding round was led by venture firm Casa Verde with participation from Portuguese venture capital firm, Lince Capital, along with public funding and debt capital. The Company will use the proceeds to develop a state-of-the-art production facility located in Vendas Novas, dedicated to the organic cultivation, processing and extraction of premium medical cannabis products. Construction started in September.
“We aim to create the gold standard in medical cannabis - from cultivation to commercialisation, with IP ownership at every step in the value chain,” said AceCann CEO Pedro Gomes. “With the support of our investors, we are able to accelerate our mission to develop consistent, high-quality products that give patients access to life-changing innovation.”
With the European cannabis market expected to reach $3.4 billion USD by 2024, AceCann is distinguished by its unique cultivation process and pharmaceutical manufacturing expertise. Through its focus on smaller, scalable, indoor farming methods, AceCann will be able to precisely manage temperature, humidity and other variables to ensure each plant receives daily care while meeting the quality standards associated with premium medical cannabis products.
“As legalisation sweeps across Europe, we foresee a rapid and exponential rise in demand for high-quality cannabis flower and extracts. With an experienced team, unique cultivation and extraction techniques and vast network, AceCann can become a premium provider to Europe’s booming medical cannabis industry,” says Yonatan Meyer, Partner at Casa Verde.
Additional investors participating in the round include Chris Mayle and Marc Gare, co-founders of Advanced Grow Labs (acquired by GTI); Frank Cid, CEO of Royal Life Centers; and angel investor Sebastian de la Rosa of Whistler Medical Marijuana Corporation (acquired by Aurora).