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UK’s Lyphe Group secures £5m funding to expand into Europe

The funding round was led by Europe’s first cannabis and psychedelics fund, Leafy Tunnel.

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Home / UK’s Lyphe Group secures £5m funding to expand into Europe

UK-based medical cannabis ecosystem provider Lyphe Group has received £5m in funding from venture capital fund Leafy Tunnel.

Lyphe Group will use the funding to expand into multiple markets across Europe with its proprietary dispensing software and vertically integrated supply chain.

Chicago-based cannabis advisory firm, Sharp Capital Advisors, participated as an investor in the round.

Lyphe CEO and co-founder, Jonathan Nadler, commented: “It was critical for Lyphe to raise enough funds to execute on our scale-up plans and be in control of our destiny. 

Read more: Lyphe Group announces revolutionary medical cannabis advisory board

“We are fortunate to be leaders in our primary market with a very clear growth plan, and as such we have attracted the very best investors into this round from US, Europe and UK. 

“Leafy Tunnel sees us step into venture capital, and we are honoured to have them on the cap table and supporting our vision for international growth, alongside Sharp Capital and all other new and old shareholders.”

The £5m Series A investment round follows a successful 2021 for Lyphe Group, which saw the organisation increase its revenues by more than 250 per cent year-on-year. The organisation has more than 100 team members working across telehealth, dispensing and technology services.

Read more: UK police drug tests don’t work and criminalise cannabis patients

Co-founding partner at Leafy Tunnel Bek Muslimov, said: “Leafy Tunnel is thrilled to support Lyphe as one of the company’s investors. We strongly believe that the company is well-positioned to continue its growth as a market leader in medical cannabis in the UK and Europe. 

“This is an important milestone, which we are excited to contribute to, as these funds should help to further accelerate the company’s expansion strategy across Europe. 

“We are fully aligned with the company’s roadmap towards securing a leading market position in Europe and look forward to supporting the management in achieving Lyphe Group’s next milestones.”

Lyphe has also made changes to its leadership team and board. Independent non-executive chairman and pharmaceutical veteran Brian Fisher is joining Lyphe’s board alongside his role as vice chair of The Association of Pharmaceutical Specials Manufacturing, having held senior positions with Quantum, Alliance Healthcare and AAH. 

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Topicscannabis industryeuropeFundraisingmedical cannabis

Stephanie Price

Stephanie is a journalist for Business of Cannabis, writing about science, research, policy and industry developments in cannabis, CBD and psychedelics. In 2013 Stephanie gained her BA in English and Media, focusing on journalism and propaganda, where her magazine 'Game Theory' focused on developments and disruptors over the coming decade including cannabis, psychedelics, blockchain/crypto and free speech. In 2015 Stephanie received her National Council for the Training of Journalists (NCTJ) diploma whilst working as a reporter in North Wales. Stephanie has a specialism in Medical Cannabis: The Health Effects of THC and CBD through the University of Colorado, and a certificate from the Medical Cannabis Clinicians Society on "Medical Cannabis Explained".

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