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Canopy founder Linton is betting on the legal cannabis market in Germany with symbiotic stakes

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(Bloomberg) — Bruce Linton, the founder of the world’s largest marijuana company, is betting on the growth of the legal cannabis market in Germany.

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Linton, the former chairman of Canopy Growth Corp., took a stake in Munich-based Synbiotic SE when it raised capital last month, people in the know said.

He said he would be given options to buy more shares in compensation for his role as an advisor to Synbiotic, which could increase his stake in the company to 5%, and asked not to be identified when discussing confidential information. Said for a representative for Linton and Symbiotic declined to comment.

SynBiotic, which focuses on medicinal and dietary cannabis, raised €2.5 million in a share sale last month. It will use the money to expand at a time when Europe is relaxed about recreational cannabis use. Shares of Symbiotic are down 54% this year, giving it a market value of €56.5 million.

Just days before Synbiotic raised its funding, the government of German Chancellor Olaf Scholz said it would allow adults to buy and possess up to 30 grams of marijuana for recreational use, fulfilling a pledge to legalize weed.

The move will allow for the controlled cultivation and distribution of cannabis as Europe’s largest economy looks to curb the black market for drugs. Bloomberg Intelligence analysts wrote in a recent note that it could create an $80 billion market in the next two years, driven by Europe’s growing population and growing demand for alternative treatments.

Linton is one of the most recognizable cannabis executives. After building Canopy into the world’s largest marijuana company, it was acquired by Constellation Brands Inc. in 2019. was excited to lead the way to profitability under pressure from Corona beer maker Constellation is Canopy’s largest shareholder .

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He then backed a special acquisition company, which merged with Israeli lidar startup Innoviz Technologies Ltd. Linton is also the president of the Gage Cannabis Company.

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