Maclear Project Kanaprima
- Written by
- Just P2P
- •
- Updated October 23, 2025
Score B-
Kanaprima EOOD, founded in October 2024 in Bulgaria, produces EU-certified hemp seeds (THC < 0.3%) and holds a license obtained in January 2025. The company operates on a B2B basis with European industrial processors and has established preliminary business discussions with Dutch-Headshop Services, Filofarm, Canah SRL, Hempol Natural Products, and Bioflo.
The funding will enable capacity doubling through greenhouse expansion from 800 to 1,600 m², a laboratory for cannabinoid testing, acquisition of export-compliant packaging materials, and payroll support during expansion. Annual production will increase from 6 to 12 million certified seeds.
Investment terms
Loan requested : 450,000€
Period : 13 months
Interest rate : 14.9%
Company contribution : No
The loan amount represents 79% of projected 2025 revenue and approximately 2.9 times projected net profit, reflecting the significant scale of this investment for an early-stage company. In the EU-certified hemp sector, this investment level aligns with typical infrastructure requirements for commercial viability.
Advanced discussions with several European buyers are underway to secure orders after the first commercial harvest of 2025, which should help reduce commercial risk. The absence of financial contribution from the company is a point of caution, although existing assets serve as collateral.
Risk metrics
Debt/Equity Ratio : 1.45 (Medium risk)
LTV (Loan to Value) : 80% (Medium-high risk)
Credit History Score : 8/10 (Good creditworthiness)
The debt-to-equity ratio of 1.45 falls within the medium risk category, indicating controlled financial leverage for a growing company. The LTV ratio of 80% reaches exactly the upper limit of the medium risk category, suggesting adequate but tight collateral coverage with minimal safety margin.
The credit score of 8/10 demonstrates good creditworthiness, although the company’s limited history (created in October 2024) restricts the depth of this assessment. These metrics collectively suggest a moderate to moderately-high risk profile, requiring close monitoring of operational execution and revenue generation during the first commercial year.
Business profile
Geographic Location : Bulgaria (EU member states)
Industry Sector : Agriculture (Certified Hemp)
Collateral Type : Company Equipment/Assets
The Bulgarian location provides notable competitive advantages through reduced labor and land costs, full EU certification, and logistical infrastructure facilitating access to premium Western European markets. The Bulgarian regulatory framework, in line with European standards, allows exports without additional customs constraints.
The European certified hemp seed market is experiencing sustained expansion driven by CBD-wellness demand and industrial textile and biomaterial applications. The collateral includes greenhouse infrastructure, irrigation systems, lighting, cultivation equipment, and laboratory equipment financed by the loan. Successful cultivation tests in early 2025 validate the technical viability of the model under controlled conditions.
Positive / Risk factors
Positive factors
- Official EU license
- Solid collateral at 124% of principal
- Good credit score (8/10)
- Advanced discussions with EU buyers
- Growing certified hemp market
- Direct B2B model without intermediaries
Risk factors
- Recent company (October 2024)
- No commercial revenue history
- Untested financial projections
- High LTV at 80%
- Dependence on seasonal harvests
- Absence of financial contribution
Opinion Kanaprima
The B- rating is justified by medium risk metrics (D/E 1.45, LTV 80%, Credit 8/10) combined with solid collateral coverage of 124% and positioning in an expanding market. Although the company is recent with limited commercial history, successful cultivation tests, the official EU license, and advanced discussions with European buyers partially mitigate execution risk. The absence of financial contribution and ambitious projections not yet fully validated remain points of concern.
