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British biopharma firm to raise £6m



Medical cannabis firm Grow has launched a £6m fundraising drive to accelerate its expansion in the UK and across Europe.

Grow seeks to accelerate towards its goal of being the world’s leading supplier of medical cannabis by patient numbers by 2025. UK taxpayers investing into Grow equity should benefit from Enterprise Investment Scheme (“EIS”) tax benefits, the company says.

Grow’s interests include medical cannabis distribution, education, biotechnological research and development and international trading. It is now seeking to expand its domestic operations as well as its international presence.

The European medical cannabis market is expected to be worth US$3.3bn and the global medical cannabis opportunity worth $14.4bn by 2024, with more and more markets introducing legal medical cannabis regulations.

Ben Langley, the CEO of Grow, who was recently listed in the top 100 UK entrepreneurs by the Daily Telegraph and the top 10 in the Healthcare category said: “We’ve been fortunate to enjoy fantastic support in the past from shareholders who genuinely believe that our laser focus on patient wellbeing will drive ethical commercial success. We look forward to welcoming new shareholders to the Grow family at this hugely exciting time for Grow, for the industry, and, most importantly, for patients globally.”

Dean Gainsley, non-executive director of Grow and cannabis industry advisor said: “The recent FCA guidance to allow UK licensed medical cannabis companies to list on UK exchanges has finally provided investors the necessary clarity to feel confident in backing this exciting and fast moving industry. Coupled with the huge growth of the medical cannabis market around the world, this Series-C raise provides an exceptional window of opportunity to participate in the success of the UKs leading medical cannabis business”.


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