The money will go to the R&D department of a new facility in the area.
The private equity fund Iberis Capital has invested 2 million euros in the German medicinal cannabis group Eurox, which is building a factory near Grândola in Setúbal.
“This investment is part of a fundraising of 4.4 million euros, which Eurox Group will then invest in a new Research & Development (R&D) unit which will be developed in its Canneurox Portugal subsidiary,” the company told Lusa news agency. A declaration.
Following this funding, Eurox Group “will base important research areas in Portugal, such as plant genetics research, product extraction processes and molecular and biological applications,” the statement said.
“This will be Eurox Group’s new R&D ‘hub’ in Europe and should create a platform for the company to become the European leader in the medicinal cannabis market.”
A source from Iberis Capital told Lusa that Eurox Group’s medicinal cannabis unit in the municipality of Grândola has been “under construction since June 2021”, with the investment now being used to “finance cutting-edge R&D which is In progress”.
Construction of the new facility is expected to be “completed in early October”. Eurox Group plans to create between 15 and 20 new direct jobs in Portugal initially.
“We are very happy to support Eurox Group in developing the R&D capacity of its Portuguese site. This includes new areas that are important for the development of knowledge in this area,” said Luís Quaresma of Iberis Capital, quoted in the communicated.
Bernhard Babel, CEO and co-founder of Eurox Group, welcomed the new relationship with Iberis Capital, saying: “Eurox will continue to focus on key projects, such as its Portuguese subsidiary, and will continue to develop its activities trade throughout Europe. program”.