The medical marijuana market is exploding, and Europe is set to become the world’s largest legal market for the green panacea in the next five years, according to a new report.
Cologne-based medical marijuana startup Cannamedical Pharma GmbH is one of Germany and the EU’s leading cannabis wholesalers. Its products include high quality cannabis varieties, cannabinoid oil, medical marijuana grinders, and patient ID cards to treat medical conditions including cancer and chronic pain.
Cannamedical has just raised €15 million in a Series A round from the US and Germany-based growth equity investment firm Orkila Capital LLC – the largest equity investment in a European cannabis startup to date.
Currently around 60,000 patients in Germany have a license to use medical cannabis. Independent research and comparison with data from other countries shows that up to three percent of the population could benefit from treatment with medicinal cannabis, which could equate to up to approximately 2.5 million patients in Germany. For the EU as a whole, the patient population could eventually be around 15 million patients.
“I am very pleased that Orkila Capital has recognized our growth potential and chosen to invest in us,” said David Henn, CEO and founder of Cannamedical. “Our most important goal is to ensure the timely supply of medicinal cannabis to patients at all times. And we are very proud of our reputation in Germany for providing the highest levels of customer service and operating with transparency and integrity. Today we help doctors, healthcare professionals and pharmacists in Germany and other European countries to improve the quality of their patients’ lives. Our products are focused on helping people with cancer, multiple sclerosis (MS) and chronic or acute pain to live their best life with medical cannabis”
“We look for leading platforms in massive and evolving consumer markets and have found such an opportunity in Cannamedical,” said Jesse Du Bey, founder and Managing Partner of Orkila Capital. “We believe in Cannamedical’s ability to provide customers with an innovate product and help develop the potential of a huge market. Having observed the development of the North American medical cannabis market, we know medical cannabis is an important, organic medicine with few side effects, primarily targeting patients with acute and chronic conditions. Having witnessed the terrible consequences of the opiate prescription wave in the US, we believe Cannamedical can be a key player in helping German healthcare professionals provide millions of consumers with a natural therapy for chronic pain and many other acute conditions.”
Founded in 2016, Cannamedical began operating following the legalisation of medical cannabis in Germany in March 2017. The company now employs around 40 employees in Cologne, and generates a €1 million turnover.
