Producers of premium medicinal cannabis products have exceeded their £850k crowdfund campaign on the UK-based Seedrs platform target within 24 hours of going live.
swisscann, which plans to expand into the UK market in 2025, has also announced it has agreed a European-wide distribution deal with a publicly listed pharmaceutical company, which will make its products available across the continent.
The company’s cannabis-based products contain the cannabinoid tetrahydrocannabinol, also known as THC, which are being increasingly prescribed to treat a range of diseases and conditions including cancer, multiple sclerosis, Parkinson’s and epilepsy.
They also effectively manage symptoms such as inflammation, pain, nausea, trembling, muscle spasms, insomnia, anxiety and depression.
swisscann’s founders have invested £4m to date to develop the business including the building of a state-of-the-art, indoor production facility ensuring consistently high-quality standards for their products.
Following its success in securing a medical cannabis cultivation licence from the Swiss government, the Zurich-based company is set to obtain EU GMP (Good Manufacturing Practice) certification later this year after an inspection of its premises in September.
swisscann says it will enter the German market, Europe’s largest, in early 2024 and also plans to move into the UK the following year.
With a current annual global market valued at over £9bn, medical cannabis sales are expected to grow by nearly 20% per year between now and 2027 with the number of worldwide product users set to increase to more than 55m.
Medical cannabis sales across Europe are expected to grow to over £1.7bn by 2027 with Germany accounting for nearly half of these revenues while the UK market is expected to be valued at €550m per year.
The proceeds of this new investment round will go towards further increasing production scale to enable swisscann to service this anticipated market growth. Additional funds will also be invested in operations and business development activities.
The company was cofounded by Jaan Spitz, a neurocomputer science graduate with a background in robotics and AI research, and Daniel Gelemanovic, a law graduate who previously worked as a legal and compliance officer in the Swiss financial industry.
Jaan leads swisscann’s production and R&D activities while Daniel is responsible for compliance and sustainable business development.
Daniel said: “This new investment round will help further drive swisscann’s ongoing momentum as we focus on finalising compliance and accreditation certification and rolling out our premium products across Europe."
“With major growth being forecast across the medicinal cannabis market, the additional investment will ensure swisscann can build further capacity from our state-of-the-art production facility and become a major player in Europe."
"Initially focusing on Germany, we also look forward to targeting the UK medicinal cannabis market, which is expected to grow significantly between now and 2027.”
Jaan said: “We’re delighted to welcome UK investors through our crowdfunding campaign which offers an opportunity to be part of an innovative company focused on delivering exceptional products that benefit people’s health and well-being."
“Medical cannabis revolutionises patient care, offering powerful symptom relief with fewer side-effects than many conventional drugs, vastly enhancing users’ quality of life."
"Our all-natural products are bringing an alternative approach to medicine and have become a game changer for many patients improving their quality of life.”
