Cannabis investor Altitude Investment Management plc (AIM) said Monday it will pour USD 5.5 million into KannaSwiss AG to support the Swiss CBD company’s growth plans.
The investment will allow KannaSwiss to expand its commercial extraction operations, for which it uses ethanol as solvent, both when it comes to bulk sales of cannabidiol (CBD) isolate and distillate, and the development and sales of new products. With the funding, KannaSwiss will be able to further grow its production capabilities and biomass intake to meet the increasing customer demand.
Altitude’s backing will also speed up the target’s certification under ISO 9000 and GMP.
"This significant investment from Altitude will help solidify us as the leading hemp extraction and product company in Europe," said KannaSwiss co-founder Ivan Enderli.
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Altitude invests USD 5.5m in Swiss CBD maker