In France cannabis medications require a National Agency for the Safety of Medicines (ANSM) temporary use authorization. The experiment of using cannabis medication started on March 26, 2024. With a deadline of December 31, 2024, the experimental project continues. Then cannabis medicatios should be officially approved and made available. Currently the health insurance covers medications used for the patients.
So, because of the expected law changes for medical cannabis in France by 2025, the biotech company Overseed, based in Orléans, has been meticulously developing its entire production chain for cannabis oil medication over the past three years. The recent fundraising aims to finance the final regulatory steps and the industrialization of its production process.
Ambition to lead the French market
Overseed aspires to become the leading French manufacturer of medical cannabis medications. The company, located in Orléans (Loiret), recently announced a new funding round of €4.7 million. This Series A funding, completed in two phases, began with €1.2 million raised last year. It was led by Blast Club, the investment club of Anthony Bourbon, in collaboration with UI Investissement. An additional non-dilutive financing of €2 million (comprising grants and loans) is currently being finalized. It will bring the total funding to €6.7 million.
Funding for final regulatory approvals
Following an initial €2.5 million raised at the end of 2021, which financed the commencement of R&D efforts, this latest round of funding will enable the company to conduct final stability studies and secure a Marketing Authorization by the first quarter of 2025. The ANSM announced in February that the first medical cannabis treatments would be available in France by next year.
Recent fundraising initiatives by Overseed demonstrate the company’s dedication to leading the French medical cannabis market. Thanks to several years of strategic investments and extensive expansion, the company is now in a good position to handle the upcoming demand for medical cannabis therapies in France. The extra funding will help finish important legal procedures. It will also increase the output so that Overseed may be ready to supply the market with premium French medical cannabis oil by 2025.