close
Business

Snoop Dogg invests $ 15 million in company in Europe

Snoop Dogg's company makes first investment in Europe in Portuguese start-up

Snoop Dogg's first investment in cannabis in Europe. AceCann Company will receive approximately $ 15 million from the Foundation Green house that the famous rapper founded in order to expand his activities in the world of medical cannabis.

American rap artist Snoop Dogg focuses his attention on the booming cannabis industry in Europe

The artist, whose real name is Calvin broadus, is the co-founder of Casa Verde, a Los Angeles-based vulture capital fund that focuses on the cannabis industry.

The hip-hop legend is known and clearly identified in the cannabis world. In 2015, he created his own brand of cannabis products called " Leafs“, Snopp is a veteran who wants to promote legalization. He decided, for the first time, to come to Europe and invest $ 15 million in a Portuguese medical cannabis company.

Casa Verde Capital, a Spanish-language green house, founded by Snoop and based in Los Angeles, announced today (Wednesday 13:10 pm) its first investment in Europe, in the Portuguese company “AceCann”.

Founded in 2019, Aiken indicated that it is a medical cannabis company focused on the cultivation and extraction of organic medical cannabis and that it will use the funding it receives to develop a production facility of points to Wendas Novas, one hour from Lisbon.

to read :  Big fundraiser for a Berlin cannabis start-up

AceCann CEO Pedro Gomes said Snoop and Casa Verde's involvement is a huge show of confidence in his young company, which is seen as something of a medical cannabis start-up.

"The fact that Snoop and Casa Verde are with us on board, given of course their record in the United States and the fact that this is their first investment in Europe, is definitely a seal of quality for us" , Gomes said.

He added that European cannabis investors, many of them from Canada, are focusing on Portugal due to low labor costs and the country's sunny climate, but clarified that after launch, AceCann will start. to grow cannabis using the indoor method only, due to the increasing quality and consistency.

“In the medical cannabis market, you have to be very specific in how you produce and make sure you are consistent,” he explains. “Therefore, the new investment will help us set up a closed growth facility and make us a different and unique company compared to most other companies in Europe. "

In the first phase, the new facility is expected to provide the company with 3 square meters for cannabis production and will be expandable. Gomes predicts that by 500 the facility will be able to generate annual sales of between € 2024 million and € 15 million for the company.

While Canada and many American countries are leading the way in the legalization and use of medical cannabis, Europe is closing the gap, especially when it comes to regulating medical use. , Like Snoop Dogg, a great temptation to jump at the chance.

to read :  Increase in consumption in the Czech Republic and France

“Legalization across Europe is gaining momentum and we expect a rapid increase in demand for quality cannabis both in the medical field and in all aspects of recreational use,” says Jonathan ( June) Meyer, partner at Casa Verde.

And if you've already got Snoop Dogg, this is the place to mention that just two years ago, the famous rapper's salary was rolling full-time professional joints and at a salary of no less than $ 50 a year. (about 000 NIS per month), in order to save yourself the hassle.

“I don't have time to do it myself,” said one of the world's most experienced cannabis users, who in January 2016 was reportedly captured in Sweden with the highest measurable amount of cannabis in his body, and in 2015 he created a cannabis magazine called Mary Jane

The cannabis wave in Europe


Tags : BusinessCelebrityEuropeSnoop Dogg
weedmaster

The author weedmaster

Media broadcaster and communications manager specializing in legal cannabis. Do you know what they say? knowledge is power. Understand the science behind cannabis medicine, while staying up to date with the latest health related research, treatments and products. Stay up to date with the latest news and ideas on legalization, laws, political movements. Discover tips, tricks and how-to guides from the most seasoned growers on the planet, including the latest research and findings from the scientific community on the medical qualities of cannabis.