The company, which was the first in the British Isles to receive a licence to produce cannabidiol [CBD], is looking to win £6 million of investment to help grow the company and expand its commercial operations.
It is hoping to raise £5 million through private investment, while last week it launched a crowd-funding campaign on the Seedrs website, with the aim of raising a further £1.1 million.
At the time of writing £1.08 million had been contributed by investors via the platform, which last week opened to priority investors, who registered on the website, and yesterday opened to all potential investors.
A statement released by the company says: ‘Jersey Hemp already has strong interest from investors in advance of the opening of the offer, with momentum growing in terms of funds committed.
‘The money raised will be used for further development and commercialisation of the company, which is the first completely vertically integrated CBD business in the British Isles.
‘The Seedrs raise, which runs until 3 September, forms part of a larger fund raise that will aim for a total £5 million through private placement.’
According to Jersey Hemp the market for CBD in the UK is expected to more than triple from £300 million to £1 billion over the next four years.
Speaking yesterday, David Ryan, Jersey Hemp founder, said: ‘Today sees the opening of the Seedrs fund raise which gives private investors the opportunity to participate in Jersey Hemp’s growth story, and we’re already seeing a lot of interest in the offering.
‘The funds we raise will be used for the expansion of our business through an exciting new phase now that Covid restrictions have been lifted and consumers are returning to the shops.’
Jersey Hemp, which was founded in 2013 by three firefighters, gained its licence to produce CBD oil from its locally grown hemp in August 2019.
Its products, which are sold in the UK by retailers such as Amazon and Selfridges, include CBD oil, isolate and protein powder. CBD is thought to help ease symptoms of common health issues, including anxiety, depression and heart disease.