French biotech Overseed has raised €6.7M to become first French manufacturer of 100% medical cannabis medicines. Within a strict pharmaceutical framework, France is preparing to authorize the use and health insurance coverage of medical cannabis in January 2025. In this context, Overseed Biotech, which specializes in agronomic research and the development of medicines derived from the cannabis plant, has announced a €6.7 million fundraising, following a €2.5M seed round in 2022.
This round has been secured from Anthony Bourbon's Blast.Club and the seed capital fund of the Centre-Val de Loire region, managed by UI Investissement, which supports young innovative companies in the region with the support of the European Union (Feder funds).
Since 2021, the year of its creation, Overseed has been a founding member of Santé France Cannabis, the French association of medical cannabis players, by obtaining the 1st French R&D authorization for the Cannabis sativa L. plant. Since then, the start-up based in the Centre region of France has achieved its research program, including varietal selection, pharmaceutical-quality production of active ingredients and ongoing development of its medicines.
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