Grow Group has raised £3.4mln in what it said was Europe’s largest-ever medical cannabis crowdfund.
The firm said the fundraiser is still open but the current total is already the highest ever amount for the cannabis sector on the Seedrs platform.
READ: Grow Group buys Spanish medical cannabis producer
The company will use the cash to expand its operations in the UK and Europe, support its R&D programmes and hire more people. It reckons it can reach £3.5mln after beating its initial target of £3.2mln.
The medical cannabis sector is tipped for significant growth in the coming years, with medicines prescribed for several symptoms related to health issues such as epilepsy, insomnia and chronic pain. In Europe alone it’s expected to be worth US$3.1bn by 2025, according to insights firm Brightfield Group.
“The success of our crowdfund shows just how much interest there is in this nascent industry, which I truly believe can have an enormous social impact,” said chief executive Ben Langley.
“So many have already signed up to join our community as socially conscious shareholders, and I would urge hundreds more to do the same. The more people who join our mission, the more we can work to improve the production, education and supply of cannabis medicines to help thousands more people who need it.”
The company recently announced the major acquisition of Sanoid Isolates, a production facility in Andalusia, Spain. The facility allows Grow to produce cannabis in climates similar to the cannabis-growing regions of California, and process in-house to produce a wide range of cannabis-Active Pharmaceutical Ingredients and cannabis medicines, using Grow’s technologies developed over four years of research and development.