Snoop Dogg’s venture capital firm Casa Verde Capital and Imperial Tobacco will invest $10 million in U.K. research firm Oxford Cannabinoid Technologies, it was announced today. Snoop is founder and general partner of Casa Verde Capital, a cannabis-focused investment company that launched in 2015. Oxford Cannabis Technologies is a biomedical startup that is researching cannabinoids in a partnership with Oxford University in the U.K.
Karan Wadhera, managing partner for Casa Verde Capital, made the announcement during an interview with Bloomberg on Thursday.
“Today we’re announcing that we’re leading a series A investment, along with Imperial Brands, in Oxford Cannabinoid Technologies, a biotechnology firm that is going to be continuing to push research towards the medical applications of cannabis for a number of different conditions.”
Wadhera said that the “total investment is approaching $10 million” and will be used to fund research into cannabinoid therapies for pain, inflammation, cancer, gastrointestinal diseases, and other serious medical conditions.
Cannabis Industry Growth Strong
During the interview, Wadhera said that the legalization of cannabis in Canada will help fuel strong growth in the cannabis industry.
“It’s incredibly positive,” he said. “A G7 nation fully legalizing for recreational use is great for the industry, and I think great for the world at large. And I think this is why you’re seeing the advancements taking place and this sort of legalization wave sweeping everywhere. So, any enhancement there as we look to mainstream the use of cannabis and have it become more acceptable in society is a huge positive for the industry overall.”
And he was also encouraged by developments in the regulation of cannabis in the U.S.
“I think we’re actually making great progress and so much of that has happened