A private medical cannabis company has secured a £2m investment to expand into commercial sales.
Hilltop Leaf said the funds secured would also help scale its infrastructure “to become one of the largest UK producers of medicinal cannabis products for the specialist prescription market”.
The company, founded in 2019, is behind Scotland’s first medicinal cannabis farm in Dumfries and Galloway.
Production is complete on the 11,000 square metre cultivation and production facility.
The firm said when fully operational, it will have the potential to supply more than 10% of the UK market and will create dozens of local jobs.
Founder and chief executive Hamish Clegg said: “We are building a business around the three key pillars of health innovation, environmental sustainability, and community impact.
“Although medicinal cannabis use is growing, the UK relies solely on imports and we understand there is a problem with the reliability of the supply chain.
“We aim to provide an affordable, high-quality solution to treat conditions ranging from chronic pain to severe epilepsy, while easing pressure on the NHS. We plan to rival other countries such as Canada, Germany and Israel with our own reliable supply from the hills of Scotland.”
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The funding was raised from Traditum Private Equity and private investors.
Tom Hurley, client services director with Traditum, said: “We believe cannabis has the potential to offer new and better treatments for some conditions and provide an alternative to opioids for pain relief.
“We have been impressed by the strength of the company’s management team, their fastidious approach to quality and their vision to create a purpose-built facility backed by research and development. Hilltop Leaf has the chance to gain an early mover advantage and become a clear leader in the UK’s emerging medicinal cannabis industry.”
