PXR advised Sanity Group on its €37.6 million Series B financing round. The investment is the largest equity financing to date by a European cannabis company.
Sanity Group, led by CEO Finn Age Hänsel, is one of the largest cannabis start-ups in Europe. With the new capital, the company says it wants to expand its product portfolio with prescription medical cannabis and, based on cannabis legalisation, its business for recreational use.
The financing round was led by American tobacco company British American Tobacco (BAT) as lead investor. In addition, the Swiss VC firm Redalpine and Casa Verde Capital, in which US rapper Snoop Dogg is involved, have also joined in. Furthermore, Will.I.Am, another US musician, participated directly in the deal.
On the Sanity Group side, Max Narr, Chief Investment Officer of the Sanity Group, was the lead manager for the transaction. The PXR team was led by Katharina Erbe (Corporate / M&A).