A Scottish medical cannabis company has raked in £2m to help forge ahead with cultivation and extraction facilities.
Hilltop Leaf is in the process of developing a growing operation near Dumfries in south Scotland that has the potential to be one of the largest in the UK.
The seed funding round will support the development of the operation and go towards ‘creating a science-led Scottish pharmaceutical product while bringing jobs and innovation’ to the region.
The company raised the funds by issuing a little over 20,000,000 subscription shares at a price of 10 pence per share, marginally ahead of its initial target.
Hilltop Leaf have ambitions to become a ‘fully integrated’ company, with operations covering cultivation, extraction and the development of end products.
The company was launched in 2019 by Hamish Clegg, a former investment banker, and agricultural experts, Neil and William Ewart.
Director and CEO Clegg said: “We are delighted to have such strong support from our new shareholders in our EIS SEED round.
“The funds are a vital step towards realising our strategic goals of creating a fully integrated medicinal cannabis company.
“The funds have specifically contributed to the early construction of our facility enabling us to capitalise on the £735,000 grant from South of Scotland Enterprise awarded in 2020.
“Additionally, the funds are being invested in our Quality Management Systems, Pilot Project to conduct product development (R&D) and our licence application process.”
Neil Ewart, chairman and director of Hilltop, said: “Hilltop is entering an exciting new phase as we convert plans into reality.
“With that comes great responsibility and focus on governance for our new shareholders and stakeholders alike.
“We strive to be a science led company with focused delivery of top-quality product for our patients.
“We are very grateful to all our key stakeholders for their financial support and partnership enabling us to reach this significant milestone of raising £2 million and establishing our exciting facility in Scotland.”