Growthdeck Supports UK’s Medical Cannabis Leader With New Capital
by Growthdeck Team
20 December 2022News portfolio
Note: The contents of this article are the author's opinion and have not been approved as a financial promotion.
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We have completed a £520k fundraise for the UK's medical cannabis leader, GROW Group PLC (GROW®), which already has more than 50% of the market by revenue and is now targeting major expansion.
The business exclusively distributes products in the UK for top US, Canadian and Australian manufacturers, including Nasdaq-listed brands. It also offers its own in-house product which is the UK’s best-selling medical cannabis product and this is protected by a suite of patents.
GROW® is doing valuable work with clinicians to enable access to quality cannabis medicines for the benefit of patients who need them for treating major conditions, including epilepsy, arthritis, MS, PTSD, anxiety and endometriosis.
The prescription cannabis medicine market currently only amounts to 1% of the 1.5 million people currently self-medicating using cannabis in the UK, so there is huge potential within this sector, and GROW® is working to ensure everyone understands how to access prescription medicines at the best price possible.
The company is led by co-founder and CEO Ben Langley, a former JPMorgan banker, regarded as the UK’s first professional cannabis investor, and co-founder and CSO Ian Atkinson, a geneticist and botanist with a PhD in Plant Molecular Biology and Biochemistry. They have been joined by a wealth of strong leaders, with an array of pharmaceutical and commercial expertise, and together they grew turnover 5x last year to £5.2m and this has continued to increase strongly in 2022.
Ian Zant-Boer, our CEO, comments:
“We are delighted to be backing Britain’s leading business in an extremely fast-growth sector.”
“The medical cannabis market in the UK is becoming more mainstream on almost a daily basis. It’s great to see that the medical community is increasingly recognising the value of a product that can treat conditions without the use of potentially-harmful opioids.”
“There are companies in the medical cannabis market that have listed at valuations of 40x revenue and that is the sort of path that we believe an exciting business like GROW® could follow.”
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