Cannabis firm seeks £2m. as it develops its business

A 20,000sq. ft extraction facility operates on-island, producing distilled CBD oil, with cultivation planned to start early next year in 15 acres of leased greenhouses.

The company completed its first batch of sample cannabis oil for distribution to potential customers and testing in October and expects to have the first Guernsey-grown cannabis harvest from one of its partner growers by the end of this month.

‘We have a current investor base, both locally and elsewhere, and this is a final round investment opportunity to take us to the next stage of development,’ said Paul Smith, THOG Group CEO.

A number of private offers have already been made, and a company analysis report is available, prepared by an independent, third-party London research house.

Flotation is not on the cards, partly due to Financial Conduct Authority regulations. These include strict legal requirements for cannabis-related companies, especially for overseas firms.

One of the challenges for the industry is licensing. In July 2020, the European Commission put the brakes on all CBD novel food applications, and recommended that CBD and other extracts from hemp flowers be classified as narcotics under the United Nations Single Convention on Narcotics of 1961.

Paul Smith, CEO of The House of Green (28956448)
Paul Smith, CEO of The House of Green (28956448)

Original Author Link click here to read complete story..

News

businesscannabisdevelopsFirmseeks

Latest posts