EMMAC Life Sciences, a European vertically integrated cannabis producer, announced last week it raised 5 million pounds ($ million) via an issue of convertible loan notes.

The issue “saw strong support from existing shareholders, with Measure 8 Venture Partners LP, EMMAC’s largest existing cash investor, leading the round with a significant investment,” the press release said.

Measure 8 Venture Partners is an investment firm founded by Boris Jordan, who is also the executive chairman of the board of Massachusetts-based multi-state operator Curaleaf.

Chrystal Capital Partners, a U.K.-based entrepreneurial investment house, acted as financial advisor to EMMAC.

EMMAC assets in Europe include:

• A licensed and operational grow facility in Portugal.
• An extraction and manufacturing laboratory in Spain.
• A manufacturing and distribution subsidiary in the U.K.

The company also owns a German wholesaler of medical cannabis, but has not yet started sales of its own products there.

Its medical cannabis revenue has so far been generated mostly from exports from Portugal to Israel and sales in the U.K.

“We have exported more than , kilograms (,9 pounds) of flower to Israel in ,” Antonio Costanzo, CEO of EMMAC told Marijuana Business Daily.

The company started in recent months to make use of its vertical integration with the first commercial shipment from Medalchemy – its Spanish manufacturing site – to Rokshaw, its U.K. distribution subsidiary.

In U.K., Costanzo said the company “has seen a strong growth trajectory in the number of medical cannabis patients coming through our system, with an average % growth month on month in the last months.”

“With this fundraising, we have raised £5 million since we founded the company in 8,” Costanzo told MJBizDaily.