Cannabis grower nurtures hope of stock market listing
Added on 16 June 2023
Northern Leaf said it had received “good manufacturing practices” approval from the Medicines and Healthcare Products Regulatory Agency, an agency of the Department of Health, allowing it to export to the European Union. The accreditation for its active pharmaceutical ingredient follows permission from the Home Office to cultivate the plant and is needed to sell cannabis flower to European companies for drug production.
Northern Leaf has spent £30 million on its growing facilities and built a 100,000 sq ft greenhouse and processing facility on Jersey. It can grow up to seven tonnes of dried flower a year and has 23 staff. The company said the “significant milestone” would help it access the fast-growing EU market for medical-grade cannabis, which is expected to be worth more than €2.1 billion in 2027. Two years ago the company became one of a small number of businesses to receive a licence to grow medicinal cannabis in the British Isles.
Don Perrott, Northern Leaf’s chief executive, said the accreditation was “seen as the gold standard in the industry”. He added: “It’s the strongest possible endorsement of our people, processes and product as we seek to develop high quality cannabis-based medicines for the benefit of patients.”
Photo by Michael Förtsch on Unsplash
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