Synbiotic raises seven million euros
Sophie Deistler
| 28.10.2021
Cannabis company Synbiotic has been listed on the German stock exchange since 2019. Now it has issued 334,000 new shares.
Munich-based start-up Synbiotic has raised a further seven million euros from shareholders. For this, the cannabis company has sold 334,000 new shares at a price of 21 euros per share to institutional investors.
With the capital increase, the cannabis company wants to expand and become the European market leader for cannabis. Strategic acquisitions are also planned, the company announced. "The new government in Germany now gives us additional tailwind once again. The details are not yet known, but we expect a significant step forward in terms of legalization and commercialization," said CEO Lars Müller. "As the market leader in Germany, we are ideally positioned to turn this tailwind into market share expansion and revenue growth."
Synbiotic researches new cannabinoids and markets medical CBD for the treatment of pain, sleep and anxiety disorders. The company has raised more than €13 million since going public in November 2019.
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