A US-based venture capital firm co-founded by rapper Snoop Dogg has invested £4.5 million in Mamedica, one of the UK’s leading medical cannabis clinics. Founded in 2022 and based in London, Mamedica currently supports around 7,500 active patients who are being treated for a range of chronic and neurological conditions. The clinic is on track to double its patient base within this year, reflecting the rapidly growing demand for medical cannabis in the UK.

The fundraising round, led by Casa Verde Capital—Snoop Dogg’s investment firm—marks the largest investment in the UK’s medical cannabis sector to date. Other investors joining the round include former Premier League footballers Bobby Zamora and Mark Noble, alongside art entrepreneur Jay Rutland. This injection of capital positions Mamedica to further expand its services at a time when medical cannabis is gaining increased traction both medically and commercially in the UK.

Medical cannabis was legalised in the UK in November 2018, initially to help children with severe epilepsy. Since then, the market has grown significantly, with industry forecasts projecting it to support close to 100,000 patients by the end of 2024. A recent report by Prohibition Partners highlights the UK as a leading force in Europe's medical cannabis market growth. By year-end, the country is expected to have nearly 63,000 patients consuming medical cannabis, responsible for sales worth approximately £205 million. This results in an average annual consumption rate per patient of about £3,261, a figure notably higher than Germany's £1,342 per patient, signifying robust demand mainly driven through private clinics, as access via the NHS remains limited.

Market analysts emphasise that private clinics, such as Mamedica, play a critical role in meeting patient demand in the UK’s expanding landscape. The broader UK medical cannabis market is projected to exceed €300 million (£260 million) by 2025, making it the second-largest market in Europe after Germany. This growth is supported by increasing patient numbers, more diverse product offerings, and advancing integration of medical cannabis into conventional healthcare pathways. However, challenges remain—including the relatively high cost of treatment and a lack of public reimbursement, which continue to restrict widespread NHS adoption.

Venture capital trends in the UK more broadly illustrate a shifting investment environment, with significant funding directed towards artificial intelligence and medical innovation. For instance, the largest venture round this year was secured by Isomorphic Labs, a London-based startup developing AI-driven drug discovery techniques, which raised $600 million. While Casa Verde Capital's investment in Mamedica is smaller compared to these mega-deals, it is nevertheless a strategic play in a sector poised for substantial growth and innovation, with the medical cannabis market demonstrating both commercial potential and social impact.

Looking ahead, the UK medical cannabis market is expected to continue expanding, with forecasts projecting compound annual growth rates above 3% through the next decade. This growth trajectory reflects rising patient acceptance, ongoing research, and the gradual evolution of regulatory frameworks, positioning the UK as a key player in Europe's medical cannabis sector.

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Source: Noah Wire Services