Berlin-based Sanity Group announces $37.6 Million Series B
BERLIN, Sept. 27, 2022 /PRNewswire/ - Leading German cannabis company Sanity Group announced today a $37.6M Series B financing round – Europe's largest cannabis investment round to date. The round was led by BAT Group* with ongoing commitment from existing Sanity Group investors such as Redalpine and Casa Verde Capital brings total funds raised by the company to over $100M.
The new investment will fuel Sanity Group's growth, enable European expansion and strengthen research and development activities.
"This funding is an important milestone for us and a strong signal towards the future of cannabis in Germany and Europe. I am grateful for the belief shown by both new and existing investors. Our goal is to leverage the full potential of the cannabis plant and to explore and harness the different cannabinoids – with the new capital, we will be able to accelerate our medical and consumer business units whilst preparing accordingly for cannabis legalization in Germany," said Finn Age Hänsel, Founder and Chief Executive Officer of Sanity Group.
"This financing round is not only the largest funding round achieved by a European cannabis company to date, but also one of the few upsizing rounds in this current economic phase of the German startup scene. Against the backdrop of a challenging global economy, we are proud to have achieved a funding round of this magnitude, facilitating the pursuit and progress of our mission to become a significant cannabis brand in Germany and Europe", added Max Narr, Chief Investment Officer of Sanity Group.
"Our mission is to help aspiring companies become tomorrow's market leaders. We invest in curious minds with a shared passion to innovate. We have felt this passion from the Sanity Group team since our involvement in the summer of 2021, and we look forward to accompanying their further development in the future", said Michael Sidler, Partner at Swiss VC Redalpine, lead investor in the Series A financing round in 2021.
Karan Wadhera, Managing Partner at Casa Verde Capital, added: "Sanity Group is already the most well capitalized cannabis business in Germany and is on track to become one of the leading brands in Europe. We are thrilled with their continued progress and will keep offering financial and operational support as they scale."
Sanity Group was founded in 2018 and has around 120 employees in the medical, consumer health and science sectors now. The company aims to improve quality of life through the use of cannabinoids. The focus is on pharmaceuticals, medical products and consumer goods. Sanity Group's existing investors include music producer Will.I.Am (Black Eyed Peas), Hollywood actress Alyssa Milano, manager Scooter Braun, Swiss VC Redalpine, Casa Verde Capital, HV Capital, Calyx, TQ Ventures, Atlantic Food Labs, Cherry Ventures, Bitburger Ventures, SevenVentures, GMPVC, Navy Capital and SOJE Capital.
About Sanity Group
Berlin-based Sanity Group aims to improve people's quality of life through the use of cannabinoids and the endocannabinoid system. In addition to pharmaceuticals, the focus is also on wellbeing and cosmetic products that utilize cannabinoids. Sanity Group, founded in Berlin in 2018 by Finn Age Hänsel and Fabian Friede, includes Vayamed and AVAAY Medical (medicinal cannabis), Endosane Pharmaceuticals (finished pharmaceuticals), Belfry Medical (medical products and digital applications), VAAY (wellbeing) and This Place (natural cosmetics). Near Frankfurt am Main, Sanity Group also operates a production and processing facility for cannabis extracts. More information can be found on sanitygroup.com/press.
*This investment was made by BT DE Investments Inc., a wholly owned BAT Group company. For further information about BAT, visit BAT.com.
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SOURCE Sanity Group