Bloomberg report British American Tobacco Plc has invested in German cannabis startup Sanity Group GmbH along with rapper Snoop Dogg’s Casa Verde Capital — the tobacco giant’s latest bet on pot as it diversifies beyond nicotine. The tobacco giant’s bet highlights the promise of the German market, which is Europe’s largest economy and has more than 83 million people. Germany has yet to legalize recreational cannabis, but action is expected sooner rather than later. Separately, BAT said the investment, via one of its wholly owned group companies, gives it a noncontrolling minority stake in Sanity. While cannabis use is rising, the number of people smoking cigarettes is decreasing across the developed world, forcing companies such as BAT to eye new areas for growth.
Bloomberg report
British American Tobacco Plc has invested in German cannabis startup Sanity Group GmbH along with rapper Snoop Dogg’s Casa Verde Capital — the tobacco giant’s latest bet on pot as it diversifies beyond nicotine.
Berlin-based Sanity secured $37.6 million in the BAT-led Series B funding round, according to founder and Chief Executive Officer Finn Age Hänsel. Nearly half of the amount will go toward strengthening Sanity’s medical business, while the company will spend the rest...
Read the full article @ Cannabis Law Report