Hilltop Leaf has confirmed it has raised £2m from Traditum Private Equity and private investors.
The company has said that the funding will enable it to make its first commercial sales and scale its infrastructure to become one of the largest UK producers of medicinal cannabis products for the specialist prescription market.
The company intends to produce pharmaceutical-grade CBPMs for medicinal use in humans which will be processed on-site, stating that, when fully operational, it has the potential to supply over 10% of the UK market and create dozens of local jobs.
CEO of Hilltop Leaf, Hamish Clegg, said: “We are building a business around the three key pillars of health innovation, environmental sustainability, and community impact with support from the Cannabis Industry Council.
“Although medicinal cannabis use is growing, the UK relies solely on imports and we understand there is a problem with the reliability of the supply chain.
“We aim to provide an affordable, high-quality solution to treat conditions ranging from chronic pain to severe epilepsy, while easing pressure on the NHS. We plan to rival other countries such as Canada, Germany and Israel with our own reliable supply from the hills of Scotland.”
To date, Hilltop Leaf has already completed construction of an 11,000 sq m production facility in southern Scotland and holds a Manufacturers ‘Specials’ Licence and Wholesaler Dealer Authorisation from the Medicines and Healthcare Products Regulatory Agency.
Tom Hurley, Investment Director with Traditum, said: “Hilltop Leaf is Traditum’s third Healthtech deal in six months and will add further strength to our growing portfolio. We believe cannabis has the potential to offer new and better treatments for some conditions and provide an alternative to opioids for pain relief.
“We have been impressed by the strength of the company’s management team, their fastidious approach to quality and their vision to create a purpose-built facility backed by research and development. Hilltop Leaf has the chance to gain an early mover advantage and become a clear leader in the UK’s emerging medicinal cannabis industry.”