Grow Group Plc has launched the UK’s largest-ever cannabis crowdfunding campaign as it looks to raise £3.2mln to help scale up operations.
The company, which as one of the largest importers of cannabis medicines in the UK supports over 1,200 patients each month, is using the Seedrs platform for the fundraising.
Grow said it has generated £2.3mln in revenue in the year to 20 July from its operations across all key areas of the cannabis medicine market, from developing patentable technologies used in the production of cannabis medicines, to improving the efficiency of supply chains and educating health care professionals on the benefits of prescribing cannabis medicines.
Chief executive Ben Langley said: “We want Grow to be a pillar of the UK’s burgeoning cannabis medicine sector, and to be a future leader in the global cannabis medicine market – that’s why we’ve announced this community crowdfunder today.
“We are opening up investment to ‘socially conscious shareholders’, who are looking for impact investment opportunities that are sustainably sound, and that benefit the lives of real people in the process.
“We have barely scratched the surface of the good that cannabis medicines can do, and as we look to grow, this crowdfunding campaign will help give us the capital needed to bring higher quality, more affordable medicines, to those who need them most.”
Langley’s 'mission' for Grow is to help increase access to cannabis medicines for those in the UK that struggle to obtain them, despite their availability on prescription to help treat a number of illnesses since 2018.
The company is currently valued at £51mln, having previously raised £9.6m through several fundraising rounds.
Pre-registration for the crowdfunder is now live on Seedrs, with opportunity to invest in the company becoming available in the coming weeks.