BAT acquires stake in German cannabis company Sanity Group
BAT, through one of its wholly-owned subsidiaries, has acquired a non-controlling minority stake in Sanity Group, one of Germany's leading cannabis companies.
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This investment is a supplement to other recent investments made by BAT, the most notable being the strategic research and development partnership announced with Canada's Organigram Holdings in March of last year.
The Sanity Group, headquartered in Berlin, produces both consumer-focused CBD brands and medical cannabis brands, with a strong record of research, development, and marketing in the cannabis industry.
Kingsley Wheaton, the Chief Growth Officer of BAT, stated in a press release that the investment in Sanity Group is another example of BAT's exploration beyond nicotine and lays the foundation for BAT's future growth in various categories and regions.
We will continue to transform our business by better understanding our current and future consumers, which is part of our 'Better Tomorrow' objective.
Sanity, according to its founder and CEO Finn Age Hansel, has secured $37.6 million in funding during the second round of financing led by BAT. Approximately half of the funds will be allocated to strengthening Sanity's medical businesses while the remaining funds will be directed towards preparing for possible legalization of recreational marijuana in Germany.
Germany has not yet legalized recreational marijuana, but it is expected to do so sooner or later. Hansel stated that the German coalition government is "actively working" and "really hopes to develop a good draft law by the end of this year." "This is indeed a government priority.
This funding is an important milestone for us and a strong signal for the future of cannabis in Germany and Europe," said Max Narr, Chief Investment Officer of Sanity Group. "In the midst of a challenging global economy, we are proud to have secured such a significant amount of financing.
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