Grow Group Plc said it acquired a major medical cannabis production facility in Spain in a move that will provide the company with control of the entire medical cannabis supply chain, from farm to pharmacy.
Under the deal, Grow will buy 100% of Sanoid Isolates, whose high-tech facilities in the South of Spain will allow the group to produce a range of cannabis Active Pharmaceutical Ingredients and cannabis medicines in-house.
“This will ensure patients globally can benefit from the highest quality medicines at accessible prices,” Grow said in a statement.
The company, which accounts for around 20% of the UK cannabis medicine market and currently provides over 1,200 people in the UK with cannabis medicines, said it raised over GBP3.2mln through a crowdfunding to help it cement its UK position and fuel international expansion.
Grow chief executive officer Ben Langley said: “This acquisition showcases our ambition to become Europe’s leading supplier of cannabis medicines, creating an efficient supply chain from farm right through to pharmacy, to better serve thousands of patients.
“It will allow us to produce new cannabis medicines that the market needs, while giving us the infrastructure to carry out production and extraction efficiently and cheaply. The deal not only solidifies our ability to produce medicines for those patients we support in the UK, but will also support us as we expand globally.”