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London Tech Week

Europe’s largest cannabis funding to date: Snoop Dogg-backed German cannabis startup gets $37.6M led by British American Tobacco

Sanity Group
Image credits: Sanity Group

Sanity Group, a Berlin-based cannabis company, has secured $37.6M in a Series B financing round, marking Europe’s largest cannabis investment round. British American Tobacco (BAT) Group led the round with participation from existing investors, including Redalpine and along with rapper Snoop Dogg’s Casa Verde Capital.

The latest round brings total funds raised by the company to over $100M. Sanity Group will use the investment to accelerate European expansion and strengthen research and development activities.

“This funding is an important milestone for us and a strong signal towards the future of cannabis in Germany and Europe. I am grateful for the belief shown by both new and existing investors. Our goal is to leverage the full potential of the cannabis plant and to explore and harness the different cannabinoids – with the new capital, we will be able to accelerate our medical and consumer business units whilst preparing accordingly for cannabis legalization in Germany,” says Finn Age Hänsel, Founder and Chief Executive Officer of Sanity Group.

Improve people’s quality of life

Founded in 2018 by Finn Age Hänsel and Fabian Friede, Sanity Group aims to improve the quality of life using cannabinoids and the endocannabinoid system. In addition to pharmaceuticals, the focus is on well-being and cosmetic products that utilize cannabinoids.

The company operates a production and processing facility for cannabis extracts near Frankfurt am Main. The company works similar to London-based Lyphe Group, a patient-first cannabis access company.

“This financing round is not only the largest funding round achieved by a European cannabis company to date, but also one of the few upsizing rounds in this current economic phase of the German startup scene. Against the backdrop of a challenging global economy, we are proud to have achieved a funding round of this magnitude, facilitating the pursuit and progress of our mission to become a significant cannabis brand in Germany and Europe”, added Max Narr, Chief Investment Officer of Sanity Group.

Sanity Group’s existing investors include music producer Will.I.Am (Black Eyed Peas), Hollywood actress Alyssa Milano, manager Scooter Braun, Swiss VC Redalpine, Casa Verde Capital, HV Capital, Calyx, TQ Ventures, Atlantic Food Labs, Cherry Ventures, Bitburger Ventures, SevenVentures, GMPVC, Navy Capital and SOJE Capital.

“Our mission is to help aspiring companies become tomorrow’s market leaders. We invest in curious minds with a shared passion for innovating. We have felt this passion from the Sanity Group team since our involvement in the summer of 2021, and we look forward to accompanying their further development in the future”, says Michael Sidler, Partner at Swiss VC Redalpine, the lead investor in the Series A financing round in 2021.

Karan Wadhera, the Managing Partner at Casa Verde Capital, adds, “Sanity Group is already the most well capitalised cannabis business in Germany and is on track to become one of the leading brands in Europe. We are thrilled with their continued progress and will keep offering financial and operational support as they scale.”

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