Voyager Life PLC (LON:VOY) said it will float on London’s Aquis Stock Exchange at the end of June after signing a lease on its first shop in Scotland and enjoying a sharp rise in interest in its high-quality cannabidiol (CBD) and hemp seed oil products from third-party retailers.
The company, which ahead of the IPO has raised £874,000 through a crowdfunding campaign and another £741,000 through a private fundraise, said it has opened more than 20 new accounts with independent retail stores and chains in the last month.
Voyager said this could potentially significant source of revenue, with the company having so far relied largely on online sales through its own website (VoyagerCBD.com) and third-party sites, including Amazon, eBay and Etsy.
The Perth-based company said its first retail premises is due to open next month on Market Street in St Andrews on Scotland's east coast.
More shops could follow soon in other UK towns and cities if this store proves successful, the company said.
As well as its range of CBD and hemp seed oil products, including CBD oils and 'gummies' for oral consumption, skincare and bath products for topical applications for humans and pets, the pet range has been expanded recently with the launch of a ‘Paw Balm’ to soothe and relieve cracked paw pads and noses, plus eco-friendly hemp dog leads.
In the coming months, the total range is expected to top 30 products with the launch of a new skincare line.
Chief executive Nick Tulloch, the former Zoetic International boss who founded Voyager in November 2020, stressed the importance of the company adopting a “strictly professional approach” to establishing the company and developing the business.
“CBD is a fast-growing industry so it should be no surprise that it will attract increasing attention from regulators. Mainstream retailers will, rightly, only deal with fully compliant businesses, so the strict governance framework we have established as part of the fabric of Voyager is a key element of our approach.
“We are realistic and do not expect overnight success, but I am encouraged by the pace of growth we have achieved in the last six months, both in terms of new distribution channels and sales, which gives the board confidence that this is an ideal time for us to be taking Voyager to the stock market.”
He also hailed the pre-IPO appointment of two new non-executive directors, Jill Overland and Nikki Cooper, along with the recruitment of Mark Underwood as head of sales.
Overland is currently responsible for finance and corporate services at Cuadrilla, having previously been head of finance for BHP Petroleum’s UK and Algeria business unit.
Cooper is a qualified solicitor and chartered company secretary, having been general counsel at Ora Capital Partners, and worked in corporate finance at N+1 Brewin as well as founding her own health supplement brand, Inner Me Limited.
Voyager’s chairman is Eric Boyle, who founded Silence Therapeutics Plc and Zoetic International PLC.