Förderbank Berlin invests in cannabis start-up
The development bank of the state of Berlin is investing in the hemp extract start-up Becandex through its Pro FIT program. The money comes from the state and the European Union.
The development bank of the state of Berlin is investing in the start-up Becanex. The "project combines the cornerstones of our Pro FIT program: technological research with the goal of developing marketable products, so it fits perfectly into our funding portfolio," says Jörg Neuhaus of Investitionsbank Berlin (IBB) about the latest investment. Becanex is developing flavourings containing CBD - the non-intoxicating part of the hemp plant.
The €765,000 investment will be put towards researching further applications for Becanex products as part of the Pro FIT project funding. The money for Pro FIT comes from the state of Berlin and the European Fund for Regional Development, but the grant from IBB is only 235,000 euros. 530,000 euros will be given as a loan.
"Since our founding, the state of Berlin has supported us in expanding our technological lead and developing from a start-up into a growing medium-sized company," says Sebastian Kamphorst, founder and CEO of Becanex. The development bank is not the first investor from the public sector: the Federal Ministry of Economics and Technology has also funded the Berlin start-up.
The intermediary for the grant was Berlin Partner for Business and Technology, which is particularly pleased with Becandex's location in Berlin: "We see the cannabis market with its many possible applications as an industry of the future," says Volker Erb. Through the targeted settlement, promotion and further development of start-ups in this field, Berlin can distinguish itself "as one of the most important European locations in this fast-growing field".
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