Millions are once again flowing into the cannabis market. After Sebastian Diemer’s latest company, Farmako, received a seven-figure sum a month ago, Cannamedical was now able to complete a round.
The Cologne hemp dealer has received 15 million euros from the US VC Orkila Capital. The investment company, headquartered in New York and Hamburg, now holds a minority in the company. Orkila invests mainly in entertainment companies, such as the craft beer brewery Mikkeler or the festival organizer Down The Drain.
Cannamedical makes dried hemp flower remedies and sells the products to pharmacists and doctors. David Henn started his startup in 2016 and went on the market after legalizing medical cannabis in March 2017. The investment should help the 40-strong team to expand further and to further develop the processing. In addition to Orkila holds the youporn maker Fabian Thylmann shares in the Cologne hemp dealer.
In 2017, Cannamedical sold more than two million euros. In 2018, it was a high single-digit million, so the startup opposite founder scene.