AceCann, a Portuguese medical cannabis company announced Tuesday that it had closed a $15 million seed financing round led by Snoop Dog’s cannabis-focused venture firm Casa Verde Capital as well as the participation of Portuguese venture capital firm, Lince Capital, public funding and debt capital.

AceCann is using the money to continue building a state-of-the-art production facility in Vendas Novas, Portugal that will be dedicated to the organic cultivation, processing and extraction of premium medical cannabis products. Construction started in September.

"We aim to create the gold standard in medical cannabis - from cultivation to commercialization, with IP ownership at every step in the value chain," AceCann CEO Pedro Gomes said. "With the support of our investors, we are able to accelerate our mission to develop consistent, high-quality products that give patients access to life-changing innovation."

European Cannabis Market

The company claims to stand out from the competition due to its original growing process and pharmaceutical manufacturing expertise, highlighting that the European cannabis market is projected to reach $3.4 billion by 2024.

Relying on smaller indoor farming principles, AceCann should be able to precisely manage temperature, humidity and other variables to ensure each plant receives desired daily care.

"As legalization sweeps across Europe, we foresee a rapid and exponential rise in demand for high-quality cannabis flower and extracts. With an experienced team, unique cultivation and extraction techniques and vast network, AceCann can become a premium provider to Europe's booming medical cannabis industry," Yonatan Meyer, partner at Casa Verde said in a statement.

Other investors who supported the round included Chris Mayle and Marc Gare, co-founders of Advanced Grow Labs (acquired by GTI); Frank Cid, CEO of Royal Life Centers and angel investor Sebastian de la Rosa of Whistler Medical Marijuana Corporation (acquired by Aurora Cannabis ACB).

Photo: Courtesy of Jp Valery on Unsplash