Germany-based cannabinoid product developer Sanity Group completed a $44.2m series A round yesterday that included German Media Pool, the ad-for-equity VC firm backed by a range of domestic media companies.
VC firm Redalpine led the round, which was also backed by investment adviser Navy Capital and cannabis-focused investment fund SOJE Capital.
Sanity offers cannabinoid pharmaceutical, cosmetics and wellbeing products, and it will channel the funding into expanding its pharmaceutical division and constructing a research and manufacturing hub.
Calyx and HV Capital co-led a $22m round for the company in February 2020 that included TQ Ventures, Cherry Ventures and Karan Wadhera, managing partner at VC firm Casa Verde.
Bitburger Ventures and undisclosed angel investors subsequently provided another $4.7m for Sanity in October 2020, before SevenVentures, the VC arm of media group ProSiebenSat.1, supplied $5.9m through a media-for-equity deal in March this year. It named Atlantic Food Labs as an existing investor this week.
