French Biotech Raises $7.25M In Preparation For Medical Marijuana Program
Orléans, France-based Overseed Biotech, which focuses on agronomic research and development of cannabis-derived medicines, raised 6.7 million euros ($7.25 million) in Series A fundraising round with the goal of becoming the first French manufacturer of 100% medical cannabis medicines, writes EU-Startups.
“On the French market, we are 2 to 3 years ahead in terms of manufacturing expertise, and will be ready to offer high-quality, high-volume production from day 1,” stated Hugues Péribère, CEO and founder of Overseed. “This financing is the final sprint to market access. We are counting on the interest of the authorities to facilitate a rapid assessment of our case so that we can get to market as quickly as possible.”
In 2023, France took a step toward the generalization of medical marijuana. On Oct. 23rd the government proposed an amendment to the Social Security Financing Bill (PLFSS) concerning medical marijuana. This is the first time, medical cannabis law was presented to France’s general medical framework. Under the new proposals, medical marijuana products will be granted a “temporary authorization” for five years, with a possibility of indefinite renewals.
The use and …