UK Regulator Grants Second Commercial License to Grow Medical Cannabis
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A company based on the island of Jersey has become the second cultivator in the British Isles to be licensed by the UK Home Office to grow pharmaceutical-grade cannabis for profit.
Operating out of its 75,000 square feet greenhouse on the island, Northern Leaf Ltd. intends to start cultivation this quarter. By the end of the year, the company plans to be supplying medical cannabis flower and oil to the UK, Denmark, Germany, and other European markets.
Its license, which was awarded in December by the Jersey government under the guidance of the UK Home Office, is only the second of its kind to be issued. The first was awarded to GW Pharmaceuticals in 1998.
The license was partly brokered by Chrystal Capital Partners LLP, a London-based corporate finance and investment house.
“We are delighted to have advised Northern Leaf on securing the first full commercial medical cannabis licence that has been awarded in the British Isles since GW Pharmaceuticals 22 years ago,” Tristan Gervais, head of the Cannabis Advisory division at Chrystal, said in a statement.
“This is a significant milestone for Northern Leaf and a big step towards its goal of becoming a leading supplier of EU-GMP grade medical cannabis to the rapidly growing European markets, forecast to be worth US$3.9bn per annum by 2025.”
Northern Leaf was previously awarded a license to cultivate hemp in October 2019.