Imperial Brands Ventures, a corporate venturing subsidiary of tobacco company Imperial Brands, has co-led a £7.6m ($10m) series A round for Oxford Cannabinoid Technologies (OCT), a UK-headquartered developer of cannabis-based medicines.
The round was co-led by Casa Verde Capital, the venture capital firm founded by rapper Snoop Dogg, and included undisclosed other VC investors and family offices.
OCT is developing cannabinoid-based compounds and medical treatments that could be used to treat pain and inflammation as well as conditions like cancer or neurological disorders.
Kingsley Capital Partners remains OCT’s largest shareholder, and its managing partner, Neil Mahapatra, is the company’s chairman. Mahapatra set up OCT last year after the death of his mother from cancer.
Matthew Phillips, Imperial Brands’ chief development officer, said: “Cannabinoid products have significant potential and our investment enables Imperial to support OCT’s important research while building a deeper understanding of the medical cannabis market.”