The money will go to the R&D department of a new facility in the region.
The private equity fund Iberis Capital has invested 2 million euros in the German medical cannabis group Eurox, which is building a plant near Grândola in Setúbal.
“This investment is part of a round of capital raising in the amount of 4.4 million euros, which the Eurox Group will invest in a new research and development (R&D) unit that will be developed in its subsidiary Canneurox Portugal, “the company told Lusa news agency. a statement.
Following this funding, the Eurox Group “will base important fields of its research in Portugal, such as research in plant genetics, product extraction processes and molecular and biological applications,” the statement said.
“This will be Eurox Group’s new R&D hub in Europe and is expected to create a platform for the company to become the European leader in the medical cannabis market.”
An Iberis Capital source told Lusa that the Eurox Group’s medical cannabis unit in the municipality of Grândola is “under construction since June 2021”, with the investment now being used to “finance R&D”. “avant – garde that is taking place”.
Construction of the new facility is expected to be “completed in early October.” The Eurox Group expects to create between 15 and 20 new direct jobs in Portugal at the outset.
“We are very pleased to support the Eurox Group in developing the R&D capacity of its Portuguese operation. This includes important new areas for the development of knowledge in this area,” said Luís Quaresma of Iberis Capital. , quoted in the statement.
Bernhard Babel, CEO and co-founder of Eurox Group, praised the new relationship with Iberis Capital and said: “Eurox will continue to focus on key projects, such as its Portuguese subsidiary, and will continue to expand its commercial business throughout Europe. “program”.