Medical cannabis tech accelerator TechforCann Europe announced this week that it raised 2.5 million euros ($3 million) from Malta Enterprise, the island’s governmental innovation agency.
The organization will seek to support early stage entrepreneurs in the European medical cannabis market, which is expected to reach more than $36 billion in sales by 2027, growing at a CAGR of almost 30%.
“At TechforCann Europe we believe that technology can address industry challenges that remain a barrier of entry to the biotech, pharma and high-tech sectors to enable growth,” CEO Lilac Mandeles told Benzinga.
“The European cannabis market is mainly for medical use and includes specific regulatory and industry-challenging requirements,” she added.
According to Mandeles, TechforCann’s goal is to “identify and lead the next breakthrough startups to success, focusing on early-stage start-ups that answer industry challenges.”
TechforCann Europe was created by Israel-based entrepreneurs Mandeles and Yona Cymerman.
Mandeles is a former pharmaceutical executive with experience at J&J, Lilly and Teva.
Cymerman co-founded a medical cannabis business development agency in Israel and ran her own strategic marketing firm for 12 years.
The first cohort of the accelerator is expected to get underway by September 2021.
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