Grow Group, the first British medical cannabis startup ever to crowdfund, launched its initial crowdfunding round yesterday, which hit 100 per cent of its target in just one hour.
British pharmaceutical startup Grow Group, which is working on improving access to cannabis as well as improving research around cannabis medicines, launched its public crowdfunding round on Seedrs, hitting 100 per cent of its minimum target in one hour.
Founded in 2017 by former JP Morgan banker, Ben Langley, Grow Group works across the entire process of cannabis medicine production from R&D to supply chains and pharmacy deliveries, and is one of the largest cannabis medicine importers in the UK and Ireland.
Extending fundraising
Grow Group currently supplies more than 1200 patients in the UK out of the 6000 patients in the country currently receiving cannabis medicines.
Grow’s initial crowdfunding campaign is looking to raise £3.2m. The crowdfund follows the UK being named the cannabis investment capital of Europe, with a total of 52% of all investment in the sector since 2008. The company is now extending its crowdfunding to allow for more investors.
Speaking to Cannabis Wealth, Ben Langley, Grow Group CEO, said: “I’ve been blown away by the incredible response to our crowdfund opening today. Hitting our initial fundraising target in the first hour of it going fully live shows just how much interest there is from people in joining one of the UK’s leading cannabis medicine companies, as we continue our mission to improve access to cannabis medicines for those that need them most.
“It’s a perfect opportunity to thank the amazing team at Grow for all their work leading up to this, but we can – and must – do more. That’s why we’ve extended our fundraising target, to make this the biggest European crowdfund for a cannabis medicine company ever.”
Grow says the funds will go toward expansion of the business in the UK, market entry further into Europe and acceleration of its R&D projects, with around 30 per cent being allocated to new hires and capacity expansion.
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