Snoop Dogg Invests in a German Plants Startup, Betting on Imminent Legalization
Last week, Snoop Dogg’s company, Casa Verde, took part in a Series B investment round for a startup that currently supplies medical plants to German pharmacies. The Frankfurt-based Cansat received a check for $15 mln from the rap icon, the biggest he has written yet.
It’s not the first time Snoop Dogg betted on the bright future of the European plants industry. He also has a stake in AceCann, a medical plants producer in Portugal. However, Germany, once it goes through with the long-promised initiative to fully legalize plants, will create the biggest legal market in the world.
Betting on the Leader
At the moment, Germany only allows medical use of plants, but the country is unique in that it fully reimburses patients for their plants-based medicine. Probably, this is the reason why Germans consume 15 metric tons annually, and, if the trend continues, will account for more than half of Europe’s total use of medical plants by 2024.
There are even bolder estimates that Germany will consume 200 metric tons of recreational plants within two years of its proposed legalization. Any company positioned to become the leader of the industry is looking at monumental revenues. And Cansat, Germany’s self-styled “Amazon of plants”, seems like the safest bet.
Excellent Shape and Breathtaking Prospects
Founded by brothers Benedikt and Jakob Sons, Cansat is a tech-based platform that makes it easy for pharmacies to purchase plants produced by international and domestic suppliers. Besides being the market’s leader in distributing imported plants, Cansat has won an exclusive 4-year-long contract to supply locally grown plants.
Money raised in the latest investment round will go to the team of software engineers who need to make the B2B distribution platform ready for expansion. It should be easily scalable to include the recreational market. The owners expect this shouldn’t be an issue because regulations for dispensaries will be roughly the same as for pharmacies.
Cansat’s more ambitios goal includes the whole of Europe. The company’s strategic placement in Frankfurt, which is one of the major transportation hubs in Europe, means excellen logistics and fast delivery of product all over the continent.
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