British biopharmaceutical company Grow Group PLC announces GBP 6 million Series C fundraise for cannabis market expansion
November 16th, 2020
News, Top News
LONDON, Nov. 12, 2020 /PRNewswire/ — Medical cannabis biopharma leader Grow launches GBP 6 million Series C fundraise to scale-up existing UK operations and accelerate expansion across Europe.
- Grow seeks to accelerate towards its goal of being the world’s leading supplier of medical cannabis by patient numbers by 2025
- UK taxpayers investing into Grow equity should benefit from Enterprise Investment Scheme (“EIS”) tax benefits
- Open to Sophisticated and High Net Worth investors only
- Recent FCA announcement that UK licensed medical cannabis companies should be able to list on a UK stock exchange, provides medium term exit potential.
Today Grow launched its Series C fundraise to finance the expansion of the company’s highly successful business model across Europe. Grow has developed a unique and synergistic combination of integrated operations across medical cannabis distribution, education, biotechnological R&D, and international trading. Grow is now seeking to expand its domestic operations as well as its international presence.
The European medical cannabis market is expected to be worth $3.3bn and the global medical cannabis opportunity worth $14.4bn by 2024 and is on a fast growth trajectory as more and more markets introduce legal medical cannabis regulations.
Grow will be offering the opportunity to invest in their Series C round to high net worth and sophisticated investors only, across individuals, funds, potential corporate-trade investors, and family offices.
Ben Langley, the CEO of Grow, who was recently listed in the top 100 UK entrepreneurs by the Daily Telegraph and the top 10 in the Healthcare category said,
“We’ve been fortunate to enjoy fantastic support in the past from shareholders who genuinely believe that our laser focus on patient wellbeing will drive ethical commercial success. We look forward to welcoming new shareholders to the Grow family at this hugely exciting time for Grow, for the industry, and, most importantly, for patients globally.”
Dean Gainsley, Non-Executive Director of Grow and cannabis industry advisor said
“The recent FCA guidance to allow UK licensed medical cannabis companies to list on UK exchanges has finally provided investors the necessary clarity to feel confident in backing this exciting and fast moving industry. Coupled with the huge growth of the medical cannabis market around the world, this Series-C raise provides an exceptional window of opportunity to participate in the success of the UKs leading medical cannabis business”.
Grow Group PLC (“Grow”) is a biopharmaceutical company focused solely on cannabis based medicines and improving global patient access to those medicines. The company distributes, innovates and solves fundamental industry issues in order to bring affordable pharma-quality cannabis medicines to patients globally. Grow empowers and educates doctors to make the correct medical cannabis prescribing decisions.
Grow Group consists of the following divisions:
Grow Pharma – A joint venture with IPS Pharma. Leader in the distribution of cannabis medicines in the UK and Ireland as well as the education of healthcare professionals.
Grow Trading – The world’s first medical cannabis trading company, providing solutions to the industry to develop an uninterrupted supply chain for the ultimate benefit of patients.
Grow Biotech – R&D division focused on developing new technologies to bring down the cost of manufacturing and increasing the quality of medicines.
SOURCE Grow Group PLC
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