Overseed raises €6.7 million to legalize medical cannabis in France

Biotech Overseed has successfully raised €6.7 million in funding to consolidate its position as the country's leading manufacturer of 100% medical cannabis products. This significant investment, led by Blast.Club with the support of UI Investissement, marks a pivotal moment in the establishment of a national industry dedicated to medical cannabis.

The medical cannabis landscape in France

While the France prepares to authorize the use of medical cannabis in January 2025, Overseed aims to play a crucial role. The company, founded in 2021, is one of the few French companies to have obtained French R&D authorization for the cultivation of medical cannabis. This authorization has enabled Overseed to develop a comprehensive research program focused on varietal selection, the production of pharmaceutical-grade active ingredients and the ongoing development of medical products.

Overseed has also set up strategic partnerships to reinforce skills it does not have in-house. Among its collaborators are Stanipharm, a specialist in the extraction and formulation of active ingredients, and the Pharm&Beauty group, an expert in the production of finished pharmaceutical products. These partnerships enable Overseed to supply «Best in Class» products whose safety and efficacy are guaranteed.

Overseed's commitment to national sovereignty and patient supply security is underlined by its entirely French supply chain and production processes.

Research and development : Pioneering new treatments

In collaboration with the CNRS/CBM (Centre de Biologie Moléculaire) and the CHU d'Orléans, Overseed is exploring new medical indications to demonstrate the efficacy of its products. This research, crucial to expanding the therapeutic potential of medical cannabis, also aims to meet unmet medical needs.

At present, Overseed is concentrating on developing a range of three oral products. These drugs will be marketed in collaboration with a major French pharmaceutical company, guaranteeing solid distribution in France and potentially throughout Europe.

«In the French market, we're 2-3 years ahead in terms of manufacturing expertise, and we'll be ready to offer high-quality, high-volume production from day one,» notes Hugues Péribère, CEO and founder of Overseed.

This forward-looking strategy is supported by the company's modern facilities, which are already equipped for drug manufacturing. Overseed's team of around 20 employees and experienced consultants has extensive expertise in genetics, agronomy, natural substance chemistry, pharmaceuticals, regulatory affairs and market access.

Meeting public health needs

The drive to establish a strong medical cannabis industry in France is not just about economic gain, but also about addressing critical public health issues. Overseed aims to improve the living conditions of over 300,000 patients in France who could benefit from medical cannabis treatments. The company's CEO, Hugues Péribère, stresses the urgency of meeting these medical needs: «Unmet medical needs are a public health issue».

The support of Anthony Bourbon, founder of Blast.Club, underlines the confidence in Overseed's potential. «Scientific rigor and meticulous market anticipation make Overseed an innovative player with all the cards in hand to become the market leader in the years to come,» says Anthony Bourbon.

By establishing a French 100% industry, Overseed not only promotes national sovereignty but also ensures that French patients have reliable access to medical cannabis. This national production reduces the risk of drug shortages and improves the quality and accessibility of information for prescribers. As Mr. Péribère explains, «by producing in France, we can guarantee better information on the product for prescribers, facilitate patient access, reduce the risk of drug shortages and encourage the emergence of an industry that will develop economic and social activity».