Berlin development bank 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 aim of developing marketable products, so it fits perfectly into our funding portfolio," says Jörg Neuhaus from Investitionsbank Berlin (IBB) about the latest investment. Becanex develops flavorings that contain CBD - the non-intoxicating part of the hemp plant.

The investment of 765,000 euros will be used for research into 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 Regional Development Fund, although the grant from IBB only amounts to 235,000 euros. 530,000 euros will be granted as a loan.

"Since our foundation, the state of Berlin has supported us in expanding our technological lead and developing from a start-up to a growing medium-sized company," says Sebastian Kamphorst, founder and Managing Director of Becanex. The development bank is not the first investor from the public sector: the Federal Ministry of Economics has also supported the Berlin start-up.

Berlin Partner for Business and Technology acted as an intermediary for the grant and is particularly pleased with Becandex's location in Berlin: "We see the cannabis market with its many potential applications as an industry of the future," says Volker Erb. Through the targeted establishment, 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 sector".