AceCann Closes $15M in Seed Financing to Produce First Premium, Organic Flower and Extracts for Europe
Funding accelerates the development of state-of-the-art indoor research and organic production facility dedicated to serving rising European demand.
LISBON, PORTUGAL, Oct. 12, 2021 /PRNewswire/ – European medical cannabis company AceCann announced closing a $15M (USD) round of Seed financing. The funding round was led by venture firm Casa Verde with participation from Portuguese venture capital firm Lince Capital and public funding and debt capital. The Company will use the proceeds to develop a state-of-the-art production facility located in Vendas Novas, Portugal, dedicated to the organic cultivation, processing, and extraction of premium medical cannabis products. Construction started 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,” says AceCann CEO Pedro Gomes. “With the support of our investors, we can accelerate our mission to develop consistent, high-quality products that give patients access to life-changing innovation.”
With the European cannabis market expected to reach $3.4B (USD) by 2024, AceCann is distinguished by its unique cultivation process and pharmaceutical manufacturing expertise. This enables the Company to create products with unparalleled quality. In addition, AceCann will manage temperature, humidity precisely, and other variables to ensure each plant receives daily care while meeting the quality standards associated with premium medical cannabis products through its focus on smaller, scalable indoor farming methods.
“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.
Additional investors participating in the round include Chris Mayle and Marc Gare, co-founders of Advanced Grow Labs (acquired by GTI); Frank Cid, CEO of Royal Life Centers; and angel investor Sebastian de la Rosa of Whistler Medical Marijuana Corporation (acquired by Aurora).
About AceCann
AceCann is a Portuguese medical cannabis company focused on the cultivation, processing, extraction, and R&D of organic medical cannabis. With a unique, organic indoor cultivation approach, AceCann wants to disrupt its high-quality medicinal products from the European market. As a result, it is the first company in Portugal to be awarded an R&D certificate of suitability by the National Innovation Agency.
About Casa Verde
Casa Verde is the leading venture capital firm focusing exclusively on the cannabis industry. As domestic and international cannabis markets continue to evolve and mature, Casa Verde believes that the cannabis industry will be among the most compelling investment themes of our generation.
