The Portuguese company has closed a US$15 million round of Seed financing to invest in a medical cannabis cultivation facility in Vendas Novas.
Portuguese AceCann has closed a US$15 million (€12.9 million) round of Seed financing to build a production facility in Portugal dedicated to the cultivation, processing and extraction of cannabis specifically targeted at the medicinal sector in order to serve demand in the European market. Construction of the facility in Vendas Novas started in September.
The funding round was led by venture capital firm Casa Verde and was attended by Portugal’s Lince Capital, as well as Chris Mayle and Marc Gare, co-founders of Advanced Grow Labs, Frank Cid, CEO of Royal Life Center, and angel investor Sebastian de la Rosa of Whistler Medical Marijuana Corporation.
“We aim to create the gold standard in medical cannabis – from cultivation to commercialization, with IP ownership at every step in the value chain,” said AceCann CEO Pedro Gomes, quoted in a statement. “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,” he added.
“As legalization 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.
The European cannabis market is expected to represent around $3.4 billion (€2.9 billion) by 2024, according to figures advanced by the company.
AceCann is a Portuguese medical cannabis company focused on the cultivation, processing, extraction and R&D of organic medical cannabis. It is the first company in Portugal to receive an R&D certificate of suitability from the National Innovation Agency (ANI).