Venture capital firm Casa Verde Capital invested $3.5 million (3 million euros) in Berlin-based cannabis startup Sanity Group.
Sanity Group said Wednesday it finalized the follow-on investment, representing a second closing of the company’s $45 million Series A financing round.
The total funds raised to date, $76.5 million, is the highest level of funding attained by any European cannabis startup, Sanity Group said in a news release.
The release also said it was the first investment in Germany – the largest medical cannabis market in Europe – by Los Angeles-based Casa Verde.
Germany is the second-biggest federally regulated medical cannabis market in the world, after Canada.
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Finn Hänsel, founder and managing director of Sanity Group, said the investment is “evidence of growing momentum in the European market as more countries move to initiate pilot projects to legalize and improve access to medical cannabis programs.”
Sanity said it will use the additional cash to advance research into medical cannabis and expand its business, including developing and distributing medical cannabis and finished medicinal products.