The Iconic co-founder Finn Hansel has struck a deal with Will.i.am as part of a new venture.
Hansel departed The Iconic two years after co-founding it to return home to Germany.
Hansel is now the co-CEO of cannibis venture Sanity Group, creator of the popular German CBD brand VAAY.
The company has announced investment of $4.8M US from a host of US and European celebrity investors.
This includes musician, entertainer and Black Eyed Peas front man Will.i.am, US actress Alyssa Milano, German soccer star Mario Goetze and model Stefanie Giesinger along with Bitburger Ventures.
This most recent funding round, which coincides with VAAY's launch into the UK market rounds total investment in Sanity Group to $29M US.
It is the highest level of investment raised in Europe to date by any cannabis startup. It is also Will.i.am's first venture into the cannabis market.
Will.i.am and Alyssa Milano join Justin Bieber's manager Scooter Braun, whose investment fund TQ Ventures invested in Sanity Group alongside Berlin-based Cherry Ventures and other investors in February 2020.
Founded in 2018 by Hänsel and Fabian Friede, Sanity Group is fully licensed and currently operational with two business units, Vayamed, a medical cannabis company devoted to the development of new therapies and pharmaceuticals, and Sanity Care, a consumer goods business unit representing wellbeing brand VAAY and CBD-cosmetics brand "This Place."
Sanity Group's growing investment war chest will be used to drive forward strategic projects to give people better access to medical and medically-related cannabis products.
"I am a big fan of innovative health companies, especially after seeing the growing research that is done around the hemp plant. The Sanity Group team has found the right approach and have created high-quality products to help people", Will.i.am said.
Hansel said the funding will drive growth.
"With growing celebrity backing, endorsement and support, Sanity Group is taking the European wellness market by storm. This additional investment in our business will help drive forward the expansion of our Wellbeing division and brands across Europe.”