BRITISH medicinal cannabis firm Avida Global is set to extend its production of CBD oils including full and broad spectrum into Europe and Colombia – as it unveils a £4.1m fund-raising boost.
This takes total funds raised to over £6m and will be used to add additional cultivation and processing capacity to its Colombian facilities.
The cash has been raised from its professional network and High Net-Worth Individuals, says Chief Executive Officer David Kirby.
He told BusinessCann: “The latest fund-raising round will support both op-ex and cap-ex. It will allow us to complete our purpose-built, post-harvest room for the drying and extraction of our cannabis crop.”
Full Range Of Cannabis Oils
An accomplished jazz pianist Mr Kirby continued: “The initial targets for our CBD oils are the European and Colombian nutraceutical, CBD wellness and specials’ medicinal markets.
“Our Novel Food applications are moving ahead with two respected European trade groups and our quality oils are targeted at the manufacturers of premium CBD products.”
Its oils come from six CBD-dominant cultivars with the planting of 10 high-THC and mixed CBD/THC cultivars imminent, allowing the company an opportunity to move into the pharmaceutical space.
Its facilities are of GMP standard and it is also undertaking the process of securing EU-GMP status with a German partner. If successful it will become the second Colombian firm to achieve this global, quality benchmark.
Mr Kirby, who was previously a board member of Cap Gemini UK, says that following the recent elections and signs of a more favourable US attitude towards cannabis it is now looking to that market.
The recent closing of the £4.1m Series A fund-raise exceeded expectations and brings the total investment raised to £6.2m since it was founded in 2018, he added.
Avida is based in London and its growing facilities are in La Jagua de Ibirico, Cesar, North-East Colombia. It is the only British producer in the country. The firm is chaired by hereditary British peer Lord Benjamin Mancroft.
This latest funding will also allow it to boost capacity by one-third. It has 40 licensed hectares, and at full capacity its 30 greenhouses – each one the size of a football pitch – will produce over 20 tonnes of cannabis oil a year, by 2023.
Mr Kirby added: “Exceeding our target for Series A funding is incredibly exciting, particularly in these difficult times, and will ensure we are well capitalised throughout 2021.
“Two years of meticulous planning and preparation are to set to come to fruition in this next quarter, as we look to ramp up the commercial availability of our high-quality medicinal cannabis oils.”