Emmac Life Sciences, a European vertically integrated cannabis producer, said it raised 15 million pounds ($20 million) via an issue of convertible loan notes.
The Dec. 16 issue “saw strong support from existing shareholders, with Measure 8 Venture Partners, Emmac’s largest existing cash investor, leading the round with a significant investment,” according to a news release.
Measure 8 Venture Partners is an investment firm founded by Boris Jordan, who is also the executive chair of the board of Massachusetts-based multistate operator Curaleaf.
Chrystal Capital Partners, a United Kingdom-based entrepreneurial investment house, acted as financial adviser to Emmac.
Emmac’s assets in Europe include:
- A licensed and operational grow facility in Portugal.
- An extraction and manufacturing laboratory in Spain.
- A manufacturing and distribution subsidiary in the U.K.
The company also owns a German wholesaler of medical cannabis but has not yet started sales of its own products there.
Its medical cannabis revenue has so far been generated mostly from exports from Portugal to Israel and sales in the U.K.
“We have exported more than 2,000 kilograms (4,409 pounds) of flower to Israel in 2020,” Emmac CEO Antonio Costanzo told Marijuana Business Daily.
The company started in recent months to make use of its vertical integration with the first commercial shipment from Medalchemy – its Spanish manufacturing site – to Rokshaw, its U.K. distribution subsidiary.
In the United Kingdom, Costanzo said the company “has seen a strong growth trajectory in the number of medical cannabis patients coming through our system, with an average 40% growth month on month in the last six months.”
“With this fundraising, we have raised 50 million pounds since we founded the company in 2018,” Costanzo told MJBizDaily.