Pop sensation Justin Bieber’s manager Scooter Braun has invested $22m in a German medicinal cannabis company, in the latest sign that the European sector is opening up.
Berlin-based Sanity Group raised the cash in equity from Braun’s investment fund TQ Ventures and German firm Cherry Ventures. Karan Wadhera, a managing partner at Snoop Dogg’s Casa Verde Capital, also invested personal money in the round.
Sanity Group is currently active in Germany with medical cannabis company Sanatio Pharma and wellness brand VAAY.
“Our aim is to become number one in Europe, a market that some believe could surpass North America in size and volume, depending on the progress of legalisation across the European continent,” said Finn Hansel, managing director at Sanity, in a statement.
Germany is the largest medicinal cannabis market in Europe, and has potential to be one of the largest in the world.
Holtzbrinck Ventures, Atlantic Food Labs, Calyx and several angel investors backed Sanity Group in a previous investment round.
Sanity Group, a start-up was only founded in 2019, sells cosmetics, mouth sprays and bath balls under the VAAY brand.
Sanity plans to import medicinal cannabis to Germany under its Sanatio Pharma brand, and claims it now has a licence to do so.