AceCann, a Portuguese medical cannabis company, is receiving a €13 million ($18.7 million) investment from Casa Verde, a venture capital fund co-founded by Snoop Dogg.
Founded in 2019, AceCann focuses on the cultivation, processing and extraction of medical cannabis. It was the first company in Portugal to be awarded a research and development certificate of suitability by the National Innovation Agency.
The funding accelerates the development of a state-of-the-art indoor research and organic production facility located in Vendas Novas, about an hour outside of Lisbon. According to an AceCann news release, construction of the facility began in September.
“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. “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,” Gomes added.
A report published last year predicted that Europe’s cannabis market could be worth US$37 billion by 2027, based on improved medical access and more recreational markets opening up.
“As legalization sweeps across Europe , we foresee a rapid and exponential rise in demand for high-quality cannabis flower and extracts,” said Casa Verde partner Yonatan Meyer. “ 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.”
Gomes told Sifted that the indoor facility could provide as much as €15 million to €20 million ($21.6 million to $28.8 million) in annual sales by 2024.
Cannabis market intelligence firm Prohibition Partners predicts that Portugal, where legislation that would legalize cannabis is already being considered, Spain, the Netherlands, Luxembourg, Germany, Switzerland and Malta could all legalize adult-use cannabis within the next few years.