Bruce Linton has made a bet on the growth of the legal cannabis market in Germany. Linton, the former chairman of Canopy Growth, acquired a stake in Munich-based SynBiotic when it raised capital last month, the company said in a statement, confirming a report from Bloomberg News.
Linton will also become chairman of SynBiotic’s newly created advisory board and receive options to buy further shares as compensation for his role. Including these instruments, Linton could increase his interest in the company to 5 percent.
“I see enormous potential in the European market, particularly in Germany, because of the recently announced legalization in Europe’s largest economy,” Linton said in the statement.
SynBiotic, which is focused on medical and dietary cannabis, raised 2.5 million euros in a share sale last month. It will use the money to expand at a time when Europe is adopting a relaxed approach to adult cannabis use. Shares of SynBiotic, which have fallen more than 50% this year for a market value of almost 60 million euros, jumped as much as 7.9 percent in German trading.
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