Global music phenomenon Justin Bieber's manager, Scooter Braun, has invested $22 million into a German cannabis start-up.
Scooter Braun, the manager of worldwide pop-singing superstar Justin Bieber recently invested $22 million into a German medicinal cannabis company named Sanity Group, along with a managing partner at Snoop Dogg's cannabis venture capital company Casa Verde Capital.
According to Sanity Group's website, the company's mission is to "to develop innovative cannabinoid-based pharmaceuticals and wellbeing products, as well as make them widely accessible," in addition to investing in "fundamental research of the cannabis plant and its active ingredients as well as in specific areas of application."
The move puts Bieber's manager, Braun, alongside a growing list of celebrities who have thrown their hat into the hemp and cannabis ring. Whoopi Goldberg, Snoop Dogg, Seth Rogen, Martha Stewart, and Dan Bilzerian are some of the other celebrities cashing in on cannabis.
Sanity Group was founded in 2019 and is developing a portfolio of subsidiary brands that fall within three specified pillars: Medical, Wellbeing, and Ancillary, to cover medicinal cannabis products, CBD wellness products, and non-plant touching products respectively.
Currently, within the Sanity Group portfolio are two brands; Care Vaay and Sanatio Pharma. Sanity intends to import medicinal cannabis to Germany through its Sanatio Pharma brand, which will help the company tap into the highly lucrative German market. According to Prohibition Partners and their Germany Cannabis Report, Germany's medical cannabis sector could be worth $8.5 billion USD by 2028.
Our aim is to become number one in Europe, a market that some believe could surpass North America in size and volume, depending on the progress of legalisation across the European continent.Finn Hansel, managing director of Sanity Group
Does this mean we may soon see Justin Bieber himself move into the cannabis space?
Well, the star has a tumultuous history with the substance, having been caught previously driving under the influence of both alcohol and cannabis, though Bieber has previously mentioned not wanting cannabis to become part of his identity:
"If it's something I do then it's something I do, but it's not who I am and what I want to put on blast for the world to see. Like, who's Snoop Dogg? That's the dude who smokes a lot of weed. That's become his identity almost. And I don't want my identity to be anything but who I am and what my music is portraying me to be."
Regardless, Scooter Braun's bold entrance into the cannabis space represents a continued dissolution of the stigma which once surrounded the industry, suggesting that the momentum of the cannabis industry will continue to snowball.
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