Snoop Dogg invests €13 million to produce cannabis in Portugal

American rapper and born-again-Christian, Snoop Dogg has invested around 13 million euros in a Portuguese cannabis producer.

According to “Jornal de Negócios”, the AceCann company raised the funds in an investment round led by Casa Verde Capital, the venture capital firm of which Snoop Dogg is one of the founders.

AceCann, which is dedicated to the cultivation, processing, extraction and research in the area of ??medicinal cannabis, revealed that the investment will be used in the development of a production centre in Vendas Novas, in the Évora district, whose construction began in September.

In a statement, Pedro Gomes, CEO of AceCann, said the company intends to “develop consistent, high-quality products that give patients access to life-changing innovation.”

Portugal’s cannabis laws are regarded as among the most progressive in the world. In 2001, the government decriminalised personal cannabis use, focusing on treatment rather than punishment. As such, overall numbers of drug users in the country have gone down. However, it wasn’t until 2018 that medicinal cannabis was legalised.

In 2001, Portugal’s government passed Law 30/2000. This decriminalised the consumption and possession of all drugs (and cannabis) for personal use. At the time, this was viewed as a trailblazing decision – making Portugal one of the first countries in the world to adopt such a stance.

The law was passed to attempt to tackle the country’s growing drug problem. According to a study carried out in 1997, people listed drugs-related issues as the number one social problem in Portugal. In 2009, this had dropped to 13th place on the list.

Joao Goulao, Portugal’s national drugs coordinator, is largely credited with pushing the changes through.

Read more about the laws in Portugal regarding Cannabis, CBD and Hemp, CLICK HERE.

Original article available in Portuguese at http://postal.pt/