Overseed, a French biotech firm, has raised €6.7 million to become the first French manufacturer of 100% medical cannabis medicines. The company’s efforts align with France’s plans to authorize and provide health insurance coverage for medical cannabis by January 2025. With this significant funding, Overseed aims to enhance its research and production capabilities, ensuring that patients have access to high-quality, locally-produced medical cannabis.
In 2021, France granted Overseed the first R&D authorization for Cannabis sativa L., making it a pioneer in the medical cannabis sector. The company has since developed a comprehensive research program focused on varietal selection, pharmaceutical-quality production of active ingredients, and ongoing medicine development. Overseed’s strategic collaborations with experts like Stanipharm and Pharm&Beauty highlight its commitment to producing superior medical cannabis products.
A previous news report indicated that Overseed had raised €2.5 million in seed funding in 2022. That initial investment was crucial for setting up its foundational research and development activities. Another report highlighted the company’s collaboration with the CNRS/CBM and the University Hospital of Orléans for preclinical and clinical studies, aimed at expanding the use of medical cannabis to treat other diseases. This new funding round will significantly accelerate these ongoing projects, bringing them closer to market readiness.
Strategic Funding and Partnerships
The latest funding comes from Anthony Bourbon’s Blast.Club and the Centre-Val de Loire region’s seed capital fund, managed by UI Investissement. These investments will support Overseed’s vision of creating a competitive and fully French-controlled medical cannabis supply chain. The firm’s network includes experts like Stanipharm for active ingredient extraction and formulation, and the Pharm&Beauty group for final pharmaceutical production, ensuring a high caliber of product quality.
Market Readiness and Future Plans
In collaboration with renowned French pharmaceutical companies, Overseed plans to bring its first range of three oral medical cannabis products to the market. CEO Hugues Péribère emphasizes that Overseed is ahead of its competitors by 2-3 years in manufacturing expertise and is poised to deliver high-quality, high-volume production from day one. This latest financing will help finalize the preparations needed for market entry.
The company’s mission extends beyond simple product development; it aims to establish a secure and sovereign medical cannabis industry in France. By integrating top-notch French expertise, Overseed seeks to guarantee national sovereignty and ensure a secure supply for patients. Additionally, ongoing collaborations with CNRS/CBM and the University Hospital of Orléans aim to broaden the therapeutic applications of their products.
Key Inferences
– Overseed is strategically positioned to lead the French medical cannabis market.
– The funding will accelerate product development and market entry.
– Partnerships with established experts ensure high-quality production and innovation.
As France gears up to authorize medical cannabis by January 2025, Overseed Biotech is strategically positioned to capitalize on this impending market shift. The company’s €6.7 million funding round marks a crucial step in its journey to becoming a leading manufacturer of medical cannabis in France. By leveraging expert partnerships and pioneering research, Overseed aims to provide high-quality, pharmaceutical-grade cannabis medicines. The company’s strategic foresight and robust network make it well-equipped to ensure a secure and reliable supply of medical cannabis for French patients. These endeavors, coupled with ongoing clinical research, highlight Overseed’s commitment to innovation and patient care in the burgeoning medical cannabis industry.
