Snoop Dogg Invests $10M Into British Weed Company
Founded in 2017, Oxford Cannabinoid Technologies just wrapped up a $10M Series A fundraising round to support its research into medical cannabis.
Today, Snoop Dogg is more than just an icon of cannabis culture. He’s also, thanks to Casa Verde Capital, a major player in the international cannabis industry. Casa Verde is Snoop’s venture capital firm. And on Thursday, it announced a $10 million investment in a young medical cannabis research firm in the UK.
British Medical Cannabis Firm Gets $10M Investment from Snoop Dogg and Tobacco Giant
Oxford Cannabinoid Technologies is a British biotech firm that specializes in conducting research into the medical applications of cannabis. Last week, OCT wrapped up a Series A round of fundraising to raise capital for a research partnership and laboratory in Europe.
Snoop Dogg’s Casa Verde venture capital firm made one of the largest investments, alongside Imperial Brands Ventures Ltd. Imperial Brands is a global tobacco giant, and it’s teaming up with Snoop Dogg to invest in OCT. Imperial owns major tobacco brands like Kool, Salem, and Winston. But lately, the company has been positioning itself to make major moves into cannabis. Last year, Imperial added Canadian cannabis executive Simon Langelier to its board. Imperial has also added pharmaceuticals, vaporizers and other consumer products to its portfolio.
Snoop Dogg’s Casa Verde Capital Bets Big On International Cannabis Biotech
Unlike Imperial, Casa Verde Capital focuses exclusively on the cannabis industry. Casa Verde invests in the “ancillary” cannabis industry. Ancillary companies don’t “touch the plant” but support the industry’s expansion. These include health and wellness companies, financial services, media, agtech and laboratory technology.
CVC’s series A investment in Oxford Cannabinoid Technologies represents a significant step for the venture capital firm. It also represents CVC’s faith in a young cannabis biopharmaceutical company. OCT set up shop in 2017, and Casa Verde has been following them closely since. In fact, Casa Verde’s managing partner Karan Wadhera knows the chairman of OCT very well and thinks the company is taking an excellent, scientific approach to studying cannabinoids and advancing the medical field.
The Series A round of investments will support OCT’s research into cannabinoid therapies for several high demand areas. Pain and inflammation therapies, cancer treatments, and remedies for gastrointestinal diseases are the firm’s top priorities.
Snoop Dogg Isn’t the Only Celebrity To Support Oxford Cannabinoid Technologies
In addition to Snoop Dogg, OCT has won support from another celebrity, Patrick Stewart. The British actor, perhaps known best for his role as Captain Jean-Luc Picard on Star Trek, is also an outspoken medical cannabis patient. Stewart uses cannabis to treat his arthritis. Last week, Stewart became OCT’s newest Patron and will be joining the company’s advisory board in that capacity. OCT is currently recruiting scientists and policymakers from around the world to fill out its advisory board.