A German CBD extractor has secured funding of an undisclosed amount from an independent investor in Hamburg who valued the company at 5 million euros ($5.9 million).
Signature Products GmbH did not disclose the size of the investment but said in a statement that the investor’s appraisal makes it the youngest cannabis startup with the highest valuation in Europe. Signature Products also did not say whether the investor acquired an ownership stake.
Founded in June 2019, Signature Products oversees its own hemp supply chain and offers services in biomass trade, distillation and extraction, bottling, white labelling, market research and consulting.
“Unfortunately we are not allowed to say who our investor is,” Signature Products co-founder and CEO Florian Pichlmaier told Hemp Industry Daily. “This will be kept confidential for strategic reasons until [official] registration.”
Pichlmaier said the money was received at the end of August.
The funding has been earmarked to expand the company’s presence in the B2B sector and to hire an international sales representative and a marketing and hemp expert in raw materials.
Pichlmaier said the company plans to launch an online comparison platform for hemp products by next month.