You are here
Farmako: Biggest non-Canadian investment in Europe to date With Seven-digit Investment by Heartbeat Labs
Frankfurt-based pharmaceutical company in the cannabis sector receives seven-digit seed funding from German health tech platform Heartbeat Labs
- First seven-digit investment for a European company in that industry by a European investor
- Medical cannabis in Europe to become fastest-growing healthcare industry
- Substantive investment in research and development
FRANKFURT, Germany, Dec. 17, 2018 (GLOBE NEWSWIRE) -- The Frankfurt-based pharmaceutical company Farmako is a research-based pharmaceutical company and distributor of medical cannabis. The company is active in all European markets that have created a legal basis for cannabinoid therapies. Farmako was founded by top managers of the German cannabis industry, experienced founders, and scientific experts.
With the strategic investment of Heartbeat Labs, Farmako plans to accelerate its own research and development as well as its European growth. According to expert estimates, the market for medical cannabis in Europe will increase from 59.3 million euros in 2018 to 55.2 billion euros by 2028. As of October 15, 2018, Canada was the first of the G7 nations to open its market for medical cannabis for recreational and occasional use, paving the way for more global markets to follow suite.
Farmako will concentrate heavily on research and development. The pharmaceutical company predicts that cannabis flowers, the biggest bottleneck for the industry today, will become a commodity in the future. That creates massive opportunities for pharmaceutical companies focussing on research and development.
Niklas Kouparanis, co-founder of Farmako, says: "The European market is becoming more professional. Farmako wants to drive change as a research-based pharmaceutical company. With the investment of Heartbeat Labs, we have a strategic partner to help us make that change in the healthcare industry."
Eckhardt Weber, founder and CEO of Heartbeat Labs, says, "The market for alternative medicines is a very relevant and rapidly growing area of pharmaceutical healthcare. Farmako complements our portfolio and we’re continuing continue to establish Heartbeat Labs as the leading platform for modernizing the healthcare sector."
Sebastian Diemer, co-founder and investor of Farmako, says: "We want to become European market leader in medical cannabis. With Heartbeat Labs, we have the ideal partner for health disruptions on board.”