Key Takeaways:
- Overseed has secured €6.7 million in funding to accelerate the production of 100% French medical cannabis.
- The funds will support the launch of three cannabis-based medications in pharmacies by early 2025.
- Overseed plans to reach 10,000 patients in 2025, addressing conditions such as neuropathic pain, epilepsy, and side effects of chemotherapy.
- Overseed operates in secure, state-of-the-art greenhouses in the Centre-Val de Loire region.
- The company emphasizes an entirely French value chain, collaborating with local partners for extraction, formulation, and product realization.
Funding and Strategic Expansion
Overseed, a French company specializing in medical cannabis production, announced on Wednesday, July 3, that it has raised €6.7 million. The funding round was led by Blast.Club, a fund managed by Anthony Bourbon, alongside the seed fund of the Centre-Val de Loire region, managed by UI Investissement. The investment will enable Overseed to accelerate its production and prepare for the launch of three cannabis-based medications in pharmacies by early 2025.
Founder Hugues Péribère expressed his enthusiasm for the future: “This funding will allow us to be ready by early 2025 to offer three cannabis-based medications in the form of oral oils to be taken three times a day.”
Upcoming Market Launch and Regulatory Context
Medical cannabis is expected to be authorized in France and covered by health insurance from January 1, 2025. This follows a pilot program involving 2,500 patients from March 2021 to the end of March 2024. The market authorization is temporary, pending a European status, according to Péribère.
Overseed, established in 2021 and based at Agreen Lab’O Village by CA in Orléans, has pioneered its field. The company was the first in France to receive authorization from the National Agency for the Safety of Medicines and Health Products (ANSM) for research and development on medical cannabis in October 2021.
Research and Production Facilities
Since April 2022, Overseed has been cultivating cannabis in state-of-the-art greenhouses at a confidential and secure location in the Centre-Val de Loire region. The initial focus was on selecting the best plants to produce precise and effective medications. Overseed’s facilities are designed to ensure repeatable and reliable production of medical cannabis.
Patient Reach and Conditions Treated
Overseed aims to reach 10,000 patients by 2025, with ambitions to expand to tens of thousands and eventually a majority of the 350,000 potential patients. Medical cannabis can alleviate symptoms for patients who do not respond to traditional treatments. Currently, the ANSM recognizes five conditions for medical cannabis: neuropathic pain, refractory epilepsy, chemotherapy side effects (such as nausea, loss of appetite, anxiety, and sleep disorders), multiple sclerosis, and palliative care.
Commitment to a French Value Chain
Péribère emphasized the pride in creating a 100% French value chain in less than three years. “With Stanipharm for the extraction and formulation of active ingredients and Pharm&Beauty for the production of pharmaceutical finished products, we have established a fully French supply chain. This guarantees national sovereignty in medical cannabis and secure patient supply,” he said.
Challenges and Future Innovations
Despite these advancements, Overseed had to halt research on dried flowers due to regulatory concerns about potential misuse and confusion with recreational cannabis. However, the company continues to innovate, exploring new forms of medication such as combustion-free inhalations and more precise formulations. Overseed collaborates with the Centre for Molecular Biology (CBM) and the University Hospital of Orléans on preclinical and clinical research to expand indications to other pathologies.
Support from Investors
Anthony Bourbon, founder of Blast.Club, highlighted Overseed’s potential in the official announcement: “Overseed’s scientific rigor and meticulous market anticipation make it a leading innovator with all the cards to become a market leader in the coming years.” Overseed had previously raised €2.5 million in 2022.
