German CBD maker secures undisclosed investment after €5 million valuation
CBDIndustrial Hemp NewsInternational NewsMarijuana Laws, Regulations, & Politics September 17, 2020 MJ Shareholders 0
A German CBD extractor has secured funding of an undisclosed amount from an independent investor in Hamburg who valued the company at €5 million ($5.9 million).
Signature Products GmbH did not disclose the size of the investment but said in a statement that the investor’s appraisal makes it the youngest cannabis startup with the highest valuation in Europe. Signature Products also did not say whether the investor acquired an ownership stake.
Founded in June 2019, Signature Products oversees its own hemp supply chain and offers services in biomass trade, distillation and extraction, bottling, white labelling, market research and consulting.
“Unfortunately we are not allowed to say who our investor is,” Signature Products co-founder and CEO Florian Pichlmaier told Hemp Industry Daily. “This will be kept confidential for strategic reasons until [official] registration.”
Pichlmaier said the money was received at the end of August.
The funding has been earmarked to expand the company’s presence in the B2B sector and to hire an international sales representative and a marketing and hemp expert in raw materials.
Pichlmaier said the company plans to launch an online comparison platform for hemp products by next month.
MJ Shareholders
MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers
No comments so far.
Be first to leave comment below.