Justin Bieber's mentor invests in German cannabis
A master stroke on the German cannabis market: the Berlin start-up “Sanity Group” received an injection of funds of around 20 million euros from an investor to make Germany greener. The magazine BILD reports this news from the Bavarian business community. It would be the highest fundraising in Europe for a cannabis company so far.
Where do these millions come from?
The company has kept a low profile, however, investors say that after cult rapper Snoop Dogg, a second celebrity joined the Berlin start-up: Scooter Braun: one of the most successful music managers in the world. The American entrepreneur, artistic agent, investor, philanthropist and music producer is the discoverer and mentor of pop superstar Justin Bieber and has already made a lot of money with him.
Scooter Braun also manages its assets through its investment company “TQ”, which focuses on investments in well-being brands such as “Liquid IV” and “Bear's Fruit Kombucha”. The “Sanity Group” is the next investment from Scooter Braun and its partners.
Finn Hänsel and Fabian Friede are the founders of the German cannabis start-up “Sanity Group”. With its beauty brand “Vaay”, the German start-up wants to become the largest CBD brand in Europe.
Who adds money?
On the German side, in addition to known investors like Holtzbrinck Ventures or Cherry Ventures, the advertising agency “Heimat” would have joined the circle of investors. With this agreement, the Berliners replace the Cologne start-up “Cannamedical” alongside the founder of youPorn, Fabian Thylmann, as holder of the record, which made it possible to collect 15 million last year.
The green market is one of the main growth markets in Germany: since March 2017, medical cannabis has also been available in Germany by prescription (for patients suffering from pain) and demand is increasing. The health insurance company Barmer alone has already received 15000 requests for cannabis since its release in March 2017. Last year, the insurance company spent 17 million euros on prescriptions.
According to the Federal Institute for Medicines and Medical Devices, 79 candidates are still awaiting authorization to cultivate the eleven tonnes of auctioned cannabis over a period of four years in Germany
Sanity Group ”was founded by Finn Age Hänsel and Fabian Friede. Hänsel who are members of the Association for Medium-sized Enterprises and the Economy (MIT) of the CDU (Christian Democratic Union of Germany), he was the president of the Union of Trade Unions in Flensburg and in 2019 he was the first CDU man to start a cannabis business.