Startup Europe — The Sifted Podcast
Babylon: how it all went so wrong
Oct 19, 2023
Discussion on the legalization of cannabis in Germany and its implications for startups, fintech regulator's agreement with Modulr, the merger between German fund La Famiglia and General Catalyst, the funding secured by Northvolt founder's heat pump startup, and the rise and fall of health tech company Babylon.
26:19
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Quick takeaways
- Germany's upcoming legalization of cannabis is expected to boost the medical cannabis market in the country, projected to reach a value of 7.7 billion euros by 2028.
- Modul, a payments fintech, has been instructed by the UK's FCA to pause onboarding new customers due to regulatory concerns, as the company adapts to new regulations such as the UK consumer duty and push payment fraud reimbursement modifications.
Deep dives
Germanic legalization of cannabis could turbocharge the medical cannabis market in Germany and create opportunities for weed tech startups
German lawmakers are expected to pass a law allowing individuals to possess up to 25 grams of cannabis and grow up to three plants at home. While the law falls short of full legalization, it is expected to boost the medical cannabis market in Germany, which is already the largest in Europe. The market is projected to reach a value of 7.7 billion euros by 2028. Under the proposed law, cannabis will no longer be classified as a narcotic, making it easier for doctors to prescribe it. However, there are concerns that legalizing home cultivation may discourage people from seeking prescriptions, as happened in the US.
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