European markets today are where some US and Canadian markets were a few years ago, Farmako argues, but that the market for cannabinoid therapies is set to boom with Europe boasting the biggest number of patients worldwide in just a few years.
Hence, Farmako plans to use the funding to accelerate its own research and development, as well as its European growth. The company predicts that cannabis flowers, the biggest bottleneck for the industry today, will become a commodity in the future.
Eckhardt Weber, founder and CEO of Heartbeat Labs, says, "The market for alternative medicines is a very relevant and rapidly growing area of pharmaceutical healthcare. Farmako complements our portfolio and we’re continuing continue to establish Heartbeat Labs as the leading platform for modernizing the healthcare sector."
The Farmako founding team consists of Niklas Kouparanis, Mario Reichenbach, Sebastian Diemer, Marcus Ewald, Torsten Rössing and Patrick Schmitt.