Jersey Hemp is looking to raise £6m as it eyes massive expansion of its Channel Island operation.
The CBD manufacturers are planning to raise £5m through a private placement and an additional £1m via crowdfunding platform Seedrs.
The firm currently operates a 17-acre farm on Jersey but has access to 1,000 hectares of agricultural land it can expand into.
In an announcement, the company said the funds would be used to ‘accelerate further the development and commercialisation of the company’ and capitalise on a market expected to be worth £1bn by 2025.
David Ryan, Jersey Hemp CEO, said: “Jersey Hemp has made a huge amount of progress over the last two years following the fund-raise, which allowed us to put in place infrastructure and production facilities that are world class.
“As a leading provider of the highest quality CBD products, we are in a prime position for immediate commercial expansion as the FSA gets set to provide further regulation of the CBD market.’’
Companies directors say they are poised to take advantage on growing demand thanks to ‘Jersey’s climate and soil, plus government-backing for the hemp industry’.
The company already sells it products through Amazon and Selfridges and says it plans to ‘reactive its retail sales drive’ as lockdowns ease.
Bernard Fairman, non-executive chairman of Jersey Hemp, said: “Jersey Hemp is a fantastic investment opportunity, given it has a proven track record of making a premium product that is already being sold by some of the UK’s top retailers.
“Additionally, Jersey Hemp’s emphasis on sustainability will be attractive to the increasing number of consumers who want to ensure that their products do not contribute to damaging the environment.”
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