Medical cannabis group raises $10 million; eyes German market

In a further sign that Germany’s cannabis market is gaining traction, the Frankfurt-based operator of a website that pairs patients with marijuana-prescribing doctors has closed a $10 million seed funding round.

The Bloomwell Group, a holding company for the marijuana telemedicine platform Algea Care, obtained more than $10 million in what CEO Niklas Kouparanis claimed is the biggest seed round ever closed in Europe so far for a cannabis company.

“Germany is the leading European market for medical cannabis and the Bloomwell Group has proven within one year that it can identify and scale innovative solutions in this new growth market for the benefit of patients,” said Boris Jordan, founding partner of Measure 8 Venture Partners and executive chairman of Curaleaf.

“Cannabis has a bright future in Europe and we look forward to supporting and working with the Bloomwell Group as they continue to scale.”

“Digitalization is the key to finally putting patients at the centre of an inefficient healthcare system. Algea Care, a portfolio company of Bloomwell, has already proven that it has the expertise and clout to improve the well-being and everyday life of thousands of patients in a highly regulated sector through medical cannabis and digitalization as well as an immensely high service standard,” said Dr Reinhard Meier.

Bloomwell’s money raising comes as the prospect of a greater relaxation of Germany’s strict cannabis laws now appears on the cards.

The Social Democrats (SPD), Greens and the pro-business Free Democrats (FDP) are set to engage in coalition talks in a bid to become the next German government, with cannabis set to be a component of discussions.

Indeed, FDP leader Christian Lindner (below) has now come out in favour of allowing cannabis products such as hashish to be sold in a controlled manner.

Consumers should be allowed “to purchase a quantity for their own use, for example, in a pharmacy after health education,” Lindner told a live broadcast on German daily Bild.

Lindner stressed that he was sceptical about the sale in “coffee shops” according to the Dutch model. “I am in favour of controlled distribution, and therefore health education must be able to take place,” he said.

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