Jersey Hemp seeks to raise £6m

Friday 21 May 2021

Jersey Hemp is looking to raise £6m in funds to further its expansion through crowdfunding and private investment.

The company, which was the first in the British Isles to gain a licence to produce CBD, hopes to generate £5m privately and £1m through funding platform Seedrs.

It follows an initial £2m fundraising round in 2019, a year after the company set up.

That money was used to set up Jersey Hemp’s laboratory, processing, logistics and distribution facilities.

It’s hoped that this most recent round of fundraising will help develop the company expand commercially.

The company, whose products are currently being sold on Amazon and in Selfridges as well as locally, has also recently formed a joint venture with a UK-listed international company to develop UK/EU-approved cultivars that produce higher yielding hemp seeds.

CEO David Ryan (pictured top, left) said the company is in “a prime position for immediate commercial expansion as the FSA gets set to provide further regulation of the CBD market.’’

Jersey Hemp uses organic and sustainable farming methods for creating its products.

Bernard Fairman, Non-Executive Chair of Jersey Hemp, added: “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.”