The UK-based cannabis distributor Sana Life Science has completed a £7.4 million fundraising round as it prepares for several strategic European acquisitions.
Sana Life Science positions itself for further European expansion as it completed its latest fundraise of £7.4 million. The news comes as Sana announces a number of strategic acquisitions in Europe along with a new fundraising round to continue driving growth.
Sana, which consists of Sana Healthcare, Sana Manufacturing and Sana Lifestyle, is one of only a handful of licensed medical cannabis distributors in the UK. The business was set up by former Boston Consulting Group colleagues Ben Hamburger and Arjun Rajyagor to improve the industry’s supply chain and provide medical cannabis to patients with life-threatening illnesses.
“This fundraise means that Sana has entered its next phase of growth, establishing its position as the fastest growing distributor in the European cannabis market,” Rajyagor told Cannabis Wealth. “This includes launching first-of-its-kind technology platforms for the medical cannabis supply chain and closing acquisitions to enable our growth across Europe.
“Over the course of the next few months, we’ll also be completing a new fundraising round of £4m, which will enable even more growth for the business.”
Sana currently offers a pan-European network to streamline cannabis distribution in the UK, Germany, the Channel Islands and Israel. Sana’s expansion on the continent coincides with industry forecasts that show sales of medical cannabis in Europe could be worth €353 million in 2022, benefitting over 340,000 patients.
Sana’s Chief Medical Officer and former British Medical Association Chairman, Steve Hajioff, said: “Sana’s latest fundraising round and rapid growth clearly shows the appetite for a well-run, regulated legal cannabis market in Europe. With estimates of a million people in the UK potentially buying medicinal cannabis from the black market due to financial and legal barriers, accessible solutions like Sana are desperately needed.”
Sana has recently acquired a series of companies for a total of £5 million. This includes B3 Labs, a Novel Food accredited manufacturer of CBD oils, gummies and vapes and the only one of its kind in Europe to be BRCGS (Brand Reputation Compliance Global Standards) certified.
The second addition to Sana’s distribution platform is Hiliz, an Israeli-based distributor working to bridge the gap between growers and patients. Sana has taken a minority stake with an option for majority control. Hiliz owns its GDP (Good Distribution Practice) facility as well as all the licences required to import, distribute and dispense medical cannabis in Israel. They currently distribute to over 200 pharmacies across the country and are seeking to increase this figure by 300 in the near future.
Also added to the roster of transactions is German-based medical cannabis supplier, MedizinalHanf, which, like Hiliz, has its own GDP facility. Medical cannabis is a rapidly growing market in Germany and the business focuses on combining importation and distribution to serve the ever-increasing demand.
Ben Hamburger, Sana’s Chief Executive Officer, said: “Europe is set to be the largest medical cannabis market, potentially overtaking the US, and the level of investment and interest in Sana proves that we will be at the forefront of this growth.
“As we continue on this rapid period of expansion to become Europe’s largest distributor, it’s exciting to have B3 Labs, Hiliz and MedizinalHanf on the journey with us.”