FastForward invests €3 million in German medical cannabis company Eurox

The investment company FastForward has invested €3 million (£2.5 billion) in German medical cannabis company Eurox Group. The investment will provide FastForward with «direct exposure» to a brand focused on Europe's largest medical cannabis market, the company said.

The German medical cannabis market is expected to exceed €840 million by 2024.

This investment is the result of many months' work and is in line with FastForward's investment strategy, which includes both liquid and illiquid assets.

Ed McDermott, president and CEO of FastForward, said, «This is a significant private equity transaction and represents an important addition to FastForward's portfolio of investments in Europe's growing cannabis sector.»

«Eurox has the ability to provide a complete «made in Germany» offering of medical cannabis extracts and isolates,» said Alfredo Pascual, FastForward's Vice President of Investment Analysis. «As a company built from the ground up in Europe and led by a European management team, we see immense potential in Eurox to become the continent's next vertically integrated medical cannabis leader. We were attracted to Eurox's investment opportunity by a number of factors, including the company's conservative consumption rate to date and its realistic plans.»

Eurox has signed an exclusive partnership agreement with Dr Reckeweg, a German EU-GMP-certified pharmaceutical company. The medical cannabis company also holds a significant minority stake in London-based Integro Medical Clinics.

Bernhard Babel, Eurox's co-CEO, commented: «Our aim has always been to achieve consistently high product quality, stable supply and operational excellence to serve our broad customer base. The Eurox team and I look forward to this new partnership with FFWD, which is the latest in a series of fundraisings giving us a solid capital base on which to build our business.»