Sanity Group, a Berlin, Germany-based cannabis startup, closed a $44.2M USD Series A financing.
The round was led by Redalpine with participation from Navy Capital, SOJE Capital, and GMPVC.
The company intends to use the funds to further expand its medical division in Europe, build out a EU-GMP-compliant research and production facility in Frankfurt am Main, which will serve both the medical and the wellbeing areas of the Sanity Group in the future, and to expand its consumer goods business.
Founded in 2018 by Finn Age Hänsel and Fabian Friede, Sanity Group aims to improve people’s quality of life through the sensible use of cannabinoids in pharmaceuticals, and cannabinoid-based wellbeing and cosmetic products. The Sanity Group brands are Vayamed (pharmaceuticals), VAAY (CBD products) and This Place (functional cosmetics). At the same time, the company is also working and researching new medical products, innovative dosage forms and technological products and services for the further development of the infrastructure. The company now employs a team of over 90 people: at the headquarters in Berlin and the research site near Frankfurt am Main.
Sanity Group currently employs 90 employees in Europe including cannabis experts, physicians, pharmacists and biologists. Previous investors include HV Capital, TQ Ventures, Atlantic Food Labs, Cherry Ventures, Calyx, Bitburger Ventures and SevenVentures. In addition, Sanity Group is backed by angels including music producers will.i.am, Scooter Braun and actress Alyssa Milano.