(Press Release): TechforCannEU announced today that it has secured funding of up to 2.5M EU from Malta Enterprise to establish the first European tech accelerator for the medical cannabis industry. The funding will go towards supporting start-up companies that are selected to participate in the TechforCannEU accelerator program. The allocated funds are subject to eligibility criteria and an evaluation processes which will be managed by Malta Enterprise in collaboration with TechforCannEU. Malta Enterprise is the country’s economic development agency.
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Established by two female co-founders Lilac Mandeles and Yona Cymerman – who are based in Israel, the TechforCannEU accelerator program allows entrepreneurs to reach milestones faster, with less error and expense, ultimately increasing their probability of commercial success.
Participants in the program receive funding and pilot their technology within an EU-GMP licensed facility in Malta. A transfer of knowledge from international academic & research institutions and industry experts includes business, regulations, science, strategy, marketing, and finance.
Participants and alumni also join an invitation-only community, including in-person pitch events with a global network of partners, customers and investors.
The accelerator currently focuses on four categories, including: Healthcare/biotech – Delivery methods, digital health, medical devices, pharmaceuticals, formulations, delivery devices, testing, education; Agtech – Genetics, breeding tech, growing materials; Digital operations – infrastructure (water, lighting), extraction, AI management/control, operational technology; and Product technology – including research and innovation in the areas of wellness, topicals, veterinary products, etc.
“Our vision is to further develop an innovative medical cannabis ecosystem in Europe. The cannabis industry is stepping up into biotech, pharma and high-tech sectors and our goal is to identify and lead top-performing startups to success”, said Lilac Mandeles, CEO of TechforCannEU, an ex-pharma executive. “By investing in and supporting cannabis entrepreneurs,
TechforCann EU presents an attractive value proposition for eligible startups – with a beneficiary package that includes pre-seed investment of 100,000 Euros, potential for investment of up to 200,000 Euros, plus the opportunity to pilot their technology at an EU-GMP licensed facility. The valuation of startups increases upon completion of the accelerator program – providing investors with immediate value. We welcome private investors who want to invest in the next generation of industry leading companies.”
Mr. Kurt Farrugia, CEO at Malta Enterprise supported the initiative from its inception. “By all estimates, Europe will be the world’s largest market for medical cannabis within a few short years, and the Maltese Government has declared its intention for Malta to be a center of excellence of Europe. Hosting the accelerator in Malta will allow us to position ourselves at the
head of the R&D sector in the industry, complementing our incentives for start-ups such as Startup Finance and the various Research and Development Support measures, thus helping to bring new solutions and products to the global market”
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