The UK group is set to benefit from the Channel Islands’ relaxed rules surrounding cannabis as its plans to expand its product range to include THC-containing products.
Tenacious Labs, a British consumer goods company and producer of CBD-containing wellness products, is moving its headquarters to Jersey, as reported by the Financial Times yesterday.
The company launched in London two years ago, producing CBD wellness products under various brands such as Press Pause, Hoo Raa and Aux. Having established a strong presence in Miami, Colorado and Europe, the company now has plans to extend its range of products to include non-medical THC products.
While it is currently illegal to invest in consumer THC products in the UK, Jersey last summer renewed its laws to permit proceeds from cannabis products of all forms provided they are legally in the country of sale.
Tenacious Labs CEO Nick Morland told FT that the move is a necessary step for expanding the business. The company is also currently raising approximately $100 million to aid its growth plans.
“We are a far more attractive investment proposition headquartered in Jersey than in London as it currently stands,” Morland told FT.
Tenacious Labs intends to complete the move before August of this year. Following the relocation, the company plans to produce THC products from its manufacturing facility in Colorado, Denver where it currently produces beverages, edibles and pet products.
Jersey is actively encouraging cannabis companies to move their operations to the island as its bids to become a future hub for the cannabis industry. In its Proposed Government Plan 2022 to 25, Jersey’s government highlighted its plans to support the island’s rural economy by diversifying away from cattle and potatoes in favour of high-yield crops such as cannabis.
In April this year, Green Island Growers obtained one of the five licences issued by the Jersey Health Ministry to cultivate cannabis.
