AceCann, a Lisbon, Portugal based medical cannabis company, closed a $15M (USD) Seed financing.
The round was led by venture firm Casa Verde with participation from Lince Capital, 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), along with public funding and debt capital.
The company will use the proceeds to develop a production facility located in Vendas Novas, Portugal dedicated to the organic cultivation, processing and extraction of premium medical cannabis products. Construction started in September.
Led by CEO Pedro Gomes, AceCann is a medical cannabis company focused on the cultivation, processing, extraction and R&D of organic medical cannabis. Through its focus on smaller, scalable, indoor farming methods, the company will be able to precisely manage temperature, humidity and other variables to ensure each plant receives daily care while meeting the quality standards associated with premium medical cannabis products. AceCann is the first company in Portugal to be awarded an R&D certificate of suitability by the National Innovation Agency.