German cannabis distribution company Cansativa Group raised $15 million in a Series B financing round led by U.S. marijuana venture capital firm Casa Verde Capital.
Cansativa will use the funding “to expand its medical cannabis product portfolio and build out its recreational platform ahead of legalization in Germany,” the company said in a Wednesday news release.
The investment “will allow us to realize our ambitious vision to become the operating backbone for cannabis retail in Germany,” Cansativa CEO Benedikt Sons added in a statement.
Other participants in the funding round were Argonautic Ventures and German family investment firm Alluti, according to the release.
Cansativa is Germany’s sole distributor of domestically produced medical marijuana to pharmacies.
Germany’s new coalition government plans to legalize and regulate recreational cannabis in Europe’s largest economy, although a timeline for legalization remains unclear.
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California-based Casa Verde previously invested $3.5 million into German cannabis startup Sanity Group, its first investment in the German marijuana market.
The company has also invested in Portuguese medical cannabis company AceCann.