LONDON, Dec. 9, 2019 /CNW/ -- Jersey Hemp, which in August became the first licensed operator in the British Isles for the EU-certified cultivation, extraction and production of cannabidiol (CBD) based products, has attracted £2 million of venture capital funding.
The funding will be used to establish extraction facilities at Jersey Hemp and provide working capital for the second year of cultivation and CBD production. The investment comes from a group of professional individuals including Bernard Fairman, Chairman and Founder of Foresight Group, who also becomes Non-Executive Chairman of Jersey Hemp.
Since being granted its licence, Jersey Hemp has seen strong demand from wholesale partners, in the UK and internationally, for the distribution of its own-branded product range. The wholesalers have emphasised the appeal of CBD products with clear provenance and the highest standards of quality.
The investment will enable Jersey Hemp to become the first British Isles producer able to compete commercially on a level playing field with producers in China, Eastern Europe and the Americas, where most CBD sold in the UK is manufactured.
David Ryan, CEO of Jersey Hemp, said: "We are delighted to welcome Bernard to the Jersey Hemp team for what promises to be an exciting next stage in our journey. He brings a wealth of experience in environmental impact investment and shares our core values around quality, traceability and provenance. With the help of our new investors we can now focus on delivering what we have set out to achieve - to develop Jersey Hemp as a market leader in its field and as a significant international brand."
Bernard Fairman, Non-Executive Chairman of Jersey Hemp, said: "With its first mover advantage in a rapidly growing market, the attractions of Jersey Hemp as a business with huge potential and as an attractive investment opportunity are obvious. I am delighted to become Jersey Hemp's Chairman and look to forward to working with David and the team to progress the company through the next stages of its growth as it scales up to become a leading player in the UK nutraceutical market and a potential European bridgehead for international companies involved in CBD."
Recent research from the Centre for Medical Cannabis highlighted that the market for CBD products in the UK is growing rapidly. Current estimates are that annual sales of CBD products are worth £300 million and are expected to rise to be just short of £1 billion in 2025. A home-grown domestic CBD product, which is grown using organic methods, where the provenance of the CBD oil is reliable and controlled, will be an attractive proposition for suppliers that provide CBD products to high-street retailers including those that already sell CBD products.
Bernard Fairman has been at the forefront of investing in innovative new markets with exciting potential since he founded Foresight Group more than 35 years ago. Foresight now has more than £4 billion under management from institutional and retail investors and is a leading independent infrastructure and small cap private equity investment manager.
About Jersey Hemp
For further information on Jersey Hemp and its products, see: https://hemp.je.
Jersey Hemp was founded in 2013, with the aim of reviving organic hemp cultivation in Jersey and bringing its abundant wellbeing and ecological benefits to consumers and the environment. From our Warwick Farm headquarters, we process and cultivate industrial hemp under licence from the Government of Jersey, and are the first people to cultivate hemp on the island for over 100 years.
We are dedicated to producing the highest quality products for customers in Jersey and abroad and providing innovative solutions for soil rejuvenation here in Jersey. We cultivate hemp without the use of synthetic fertilizers, pesticides or herbicides, and cultivate seeds and fibres for further processing into end-products including culinary oil, hempseed and our very own CBD blend - Genuine Jersey Approved.
Since our early days, we have worked closely with local government, and agricultural and environmental experts, to ensure Hemp production can flourish. Our expert team implement best-practice organic farming methods using the latest technology and engineering.
SOURCE Jersey Hemp