corporations
Snoop Dog and British American Tobacco invest in Sanity Group
The Sanity Group announced this week one of the biggest financings in a cannabis company in Europe, with 37.6 million dollars raised in a round led by the group British American Tobacco, which acquired a minority position in the Sanity Group. Investors such as Redalpine and the investment fund of Snoop Dog, Casa Verde Capital. The market for adult cannabis use is already in the sights of Finn Age Hänsel, founder and CEO of Health Group, which includes other celebrities in its investor list.
The Berlin Sanity Group, a start-up Germany, secured additional funding of €37,6 million from new and existing investors as part of a second round of funding. With the new capital, the existing business must be expanded and preparations will be made for the early legalization of cannabis in Germany. The Sanity Group also includes investments from celebrities such as music producer Will.I.Am or actress Alyssa Milano.
A new investor, BT DE Investments Inc., a wholly owned subsidiary of British American Tobacco, entered this funding round, as well as existing investors such as Redalpine and Snoop Dog's investment fund, Casa Verde Capital. “This funding round is an important milestone for us and a strong signal for the development of the cannabis market in Germany and Europe. I am grateful for the trust of new and existing investors. Our aim is to exploit the full potential of the cannabis plant and explore the different cannabinoids. With the new capital, we can further advance our business areas and also prepare for the legalization of cannabis for recreational purposes in Germany,” said Finn Age Hänsel, founder and CEO of Sanity Group.
British American Tobacco acquires minority stake in Sanity Group
After anúncio from Sanity Group GmbH (Sanity Group), British American Tobacco, also came release make investors aware of the investment made through a subsidiary. The group discloses that the subsidiary has effectively acquired a non-controlling minority interest in the company.
The American tobacco company, which already has a stake in Organization Chart, stated that this investment is complementary to other recent investments made by companies in the group. “Sanitation Group membership adds a European dimension to one of the many BAT farms beyond nicotine,” the statement reads.
Kingsley Wheaton, director of growth at BAT, said in the statement that “investing in Sanity Group is another example of BAT’s ongoing work to explore multiple areas beyond nicotine, positioning BAT for future portfolio growth across multiple categories and geographies.”
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[Disclaimer: Please note that this text was originally written in Portuguese and is translated into English and other languages using an automatic translator. Some words may differ from the original and typos or errors may occur in other languages.]____________________________________________________________________________________________________
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I am one of the directors of CannaReporter, which I founded together with Laura Ramos. I am from the unique Island of Madeira, where I currently reside. While I was in Lisbon at FCUL studying Physical Engineering, I became involved in the national hemp and cannabis scene and participated in several associations, some of which I am still a member of. I follow the global industry and especially legislative advances regarding the different uses of cannabis.
I can be contacted by email at joao.costa@cannareporter.eu
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