Legal cannabis investment company LGC Capital has announced plans to acquire a 30% stake in Swiss supplier Virdi.
Virdi supplies cannabis seeds and flowers for use in cosmetics and natural wellness products as well as for recreational purposes.
Today, Virdi has 20,000 plants growing in addition to its current 2018 crop, which is expected to generate one million seeds for sale in Europe.
“We see Europe as one of the most exciting markets for legal cannabis in the world,” said John McMullen LGC Capital’s CEO.
“To have this new business partnership and investment in Virdi reflects yet another valuable cannabis producing company joining LGC’s legal global cannabis investment portfolio.”
Currently, the company invests in Australian pharmaceutical company, Little Green Pharma; Italy’s Evolution Bnk, which it invested in earlier this year; and Global Canna Labs in Jamaica, among others.
Virid’s CEO Mathieu Marcoulides added: “We are very excited to welcome LGC Capital as a core shareholder of our company as we strongly believe in the great value of our future synergies.
“We have positioned Virdi to be a premium manufacturer of various products that will be enhanced with the distribution capacities coming from the various JVs and investments within the LGV portfolio.”
McMullen continued: “We believe that a team such as Virdi, will excel in the European Cannabis market, where projections for the overall market are currently estimated to be around €38bn per year, growing to over €50bn in annual sales over time.”
Cannabis was legalised in Switzerland for both medical and recreational use in 2011.
