With a track record of accomplishment in North America a New York-primarily based cannabis investment firm has now turned its sights to Europe.
Altitude Investment Management (AIM) established a London base earlier this year, and has now announced its first $five.five million European investment. Switzerland-primarily based KannaSwiss – a supplier of CBD isolates – says it will use the AIM money to increase its production and healthcare study.
Altitude Investment Management has been an active investor in North America, with stakes in numerous market top lights which includes The Green Organic Dutchman, BDS Analytics and Canndescent.
$7.four Million U.K. Launch
A single of its 1st European investments was into Spanish firm Emmac Life Sciences and earlier this year it raised $7.four million to launch the AIM car in London. Its stated ambitions is to ‘take benefit of the emerging and fragmented European cannabis marketplace by investing in foundational organizations in the industry’s provide chain’.
Located in 2014, KannaSwiss is just such a firm. Headquartered in Kölliken, about 40 minutes from Zurich, it at the moment has two divisions consisting of CBD overall health and wellness merchandise and bulk sales. AIM and KannaSwiss say, in a press release, the money will be made use of to create its healthcare cannabis division, scale-up its extraction operations in each CBD isolate and distillate, and increase advertising and sales.
It will also help efforts to safe of ISO 9000 and GMP certifications and concentrate on creating healthcare cannabis merchandise to address ‘cognitive function, menopause, PTSD, mood enhancement, sleep and immune health’. KannaSwiss Chief Executive Officer Boris Blatnik stated it is currently an ‘established, trusted brand of bulk CBD isolate and distillate.
AIM Seeking For $150 Million
He continued: “Swiss manufacturing holds itself to the highest requirements, so I am confident that my team’s dedication to high quality and innovation will generate a top line of merchandise on the European marketplace.”
Roderick Stephan, a founding companion at Altitude says it is ‘excited about the prospects for European market’ and the firm highlights reports which show the European CBD wellness marketplace is to be worth $416 million in 2019 and reach $1.7 billion by 2023.
More than the identical period healthcare cannabis will develop from $318 million to $eight billion by 2023, it says.
Altitude’s 1st New York capital raise, in 2016, secured $31 million for investments in 19 organizations. And the firm is now targeting $150 million for its second fund, with Altitude ‘viewing this as a development fund, rather than an early-stage fund for startup organizations just starting to create revenue’.
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