German grower DEMECAN will receive substantial state subsidies worth several million Euros for the expansion of the production plant near Dresden. DEMECAN’s investments in the construction of the cannabis production facility will receive a 30% subsidy from the Sächsische Aufbaubank.
The focus of the subsidies program lies in supporting the regional industry. An application for the “Gemeinschaftsaufgabe ‘Verbesserung der regionalen Wirtschaftsstruktur’” (GRW) subsidies, which had been submitted to the Sächsische Aufbaubank was recently approved. This measure is financed with tax funds based on the budget adopted by the Parliament of Saxony.
"We are thrilled about the support of the Sächsische Aufbaubank. For the further expansion of our production site near Dresden, the subsidies are great news, and it confirms our decision to have chosen Saxony as the location for our production," says Dr. Constantin von der Groeben, Managing Director and co-founder of DEMECAN.
DEMECAN has also recently strengthened its management team with a new appointment. Jörg Sellmann has joined the management board and will lead the financial department as managing director.
After concluding his training as a banker at Deutsche Bank, Jörg Sellmann completed his studies in business administration at the Westfälische Wilhelms University in Münster. Prior to joining DEMECAN’s management board, he worked in investment banking for several years before holding the position of Global Head of M&A at the chemical group Degussa AG in Düsseldorf. Subsequently, Jörg Sellmann worked as Senior Director at the European private equity fund EQT in Munich. After that, he successfully founded start-ups in various sectors, has since been active as a business angel, and is also a shareholder of DEMECAN.
The new Managing Director, Jörg Sellmann, is excited about the new challenges at DEMECAN: "I am very pleased to contribute my professional experience to the up-and-coming start-up DEMECAN and to inspire new momentum with my expertise. Medical cannabis is a fantastic growth market and DEMECAN has established itself as the leading German manufacturer with a promising outlook on Europe and the rest of the world."