Online CBD marketplace Alphagreen is launching a crowdfunding campaign as it looks to sustain its growth.
The platform – which claims to be the largest in Europe – allows customers to choose from a range of over 150 lifestyle brands.
Would-be investors can buy into Alphagreen via equity crowdfunding platform Seedrs, which enables anyone to pursue a stake in a company.
Alphagreen bosses are looking to build on a period which has seen revenue grow from £23,562 in the second quarter of 2020 to £130k in the first quarter of 2021.
Co-founder and CEO Alexej Pikovsky, said: “The cannabis industry is here to stay. The global market is poised for a significant growth phase and Alphagreen is perfectly positioned to capitalise on the increased use of medicinal cannabis and fundamental changes to the way the cannabis and CBD market will function.”
Retail investors can register their interest from April 20, 2021. Existing investors include Stockholm-based Enexis AB, US cannabis fund West Creek Investments and angel investors, including Igor and Oleg Tikhturov.
Alphagreen has sets itself an ambitious growth forecast of 300% for the remainder of 2021.
The company believes it has benefited from a shift toward online shopping during the Covid-19 pandemic.
Pikovsky added: “We are on track to finish off the year with close to a million pounds in sales and should see a huge jump in 2022 when our content first strategy, together with our e-commerce market place showcasing the very best in health and wellness brand innovation and portfolios, plus massive web traffic that any business would want to be part of really kick in.
“We are uniquely positioned and are excited to work with the best brands globally.”
Life sciences company to expand into medical cannabis market
Broughton will be focusing on accelerating products to market within strategic markets including the cannabinoids industry.
Life sciences company, Broughton, will be rebranding and expanding its services into the cannabis market.
The company offers fully integrated scientific and regulatory consultancy, combined with in-house laboratory services, and will now focus on accelerating life-enhancing products to market within strategic markets including pharmaceuticals, nicotine and cannabinoids.
Chief Executive Dr Paul Moran, who founded Broughton Laboratories in 2006, commented: “The launch of the Broughton brand formalises our rapidly developing position as a full-service solutions provider to the life sciences sector. We will continue our commitment to investing further into global operations delivering scientific and regulatory consultancy combined with comprehensive product development and laboratory services.
“This next phase of our expansion is a natural evolution to grow capacity and capabilities into the broad life sciences sector as technologies improve to target unmet market needs.”
CSO, Chris Allen, commented: “One exciting aspect of this change is that it facilitates the expansion of our existing pharmaceutical quality and product stability services to support providers of pharmaceutical inhalation products.
“With expertise in device optimisation, human factor studies, navigating complex regulatory pathways for combination products and a track record of quality compliance, our broad expert team can support device development from concept to commercialisation.’’
Moran added: “The expanding team at Broughton hold extensive knowledge of their specialist fields. This rebrand brings together this expertise with a fresh focus on the journey of our clients’ products to meet an unmet market need. This is an exciting time for the business that will enable us to continue to innovate as we contribute to global health and wellbeing.”
European Medicines Agency gives cannabinoid medicine positive opinion
Tetra Bio-Pharma’s has received a positive opinion from the EMA’s Committee for Orphan Medicinal Products on its application for Orphan Drug Designation for QIXLEEF.
The European Medicines Agency (EMA) has given a positive opinion for Orphan Drug Designation (ODD) for Tetra Bio-Pharma’s QIXLEEF.
Cannabinoid-derived drug discovery company Tetra Bio-Pharma has received a positive opinion from the European Medicines Agency’s Committee for Orphan Medicinal Products (COMP) on its application for ODD for its investigational medicine QIXLEEF as a potential treatment for Complex Regional Pain Syndrome (CRPS), a chronic neuropathic pain condition.
The medicine is a botanical inhaled drug product with a fixed ratio of THC and CBD that provides fast-acting relief from pain, which the company says offers patients a viable, safer, and non-opioid option for pain management.
Tetra CEO and CRO, Dr Guy Chamberland, commented: “The positive opinion issued by the COMP is excellent news as Tetra continues to execute its regulatory strategy in Europe.
“An ODD brings several unique advantages, from a cost reduction in drug development, to an accelerated review process and market exclusivity for 10 years. Such strategy is cost and time-effective and allows the Company to easily gain market shares in a competitive free environment. If granted, this would represent QIXLEEF’s second ODD as a potential treatment for CRPS, in addition to the ODD granted by the US FDA in March 2018.
“We firmly believe that QIXLEEF will be a safe and effective medicine for pain management and an alternative to opioids.”
The positive opinion issued by the COMP will be sent to the European Commission, which is expected to grant the orphan designation within 30 days.
As the medicine will be intended to treat an orphan condition, clinical studies will be preformed with a significantly smaller number of patients and could be entitled to conditional approval through a decentralised procedure resulting in a single decision from the European Commission, valid in all EU Member States, which would shorten the time to market approval.
Cannabis regulation changes across Switzerland and Luxembourg
It is hoped that the changes will move consumers away from the black market.
This week both Switzerland and Luxembourg have announced changes to cannabis regulation.
Both Switzerland and Luxembourg have been signaling that legislation changes surrounding cannabis would be implemented but have delayed implementation up until this week, when Switzerland announced recreational and medical cannabis will be legalised, and Luxembourg announced it would allow home cultivation.
The moves have been catalysed by the desire to protect youth and move consumers away from the black market.
Changes in Switzerland
In Switzerland, the Social Security and Public Health Commission of the Council of States (CSSS-E) has said it is lifting the ban on cannabis and reviewing regulations relating to cannabis cultivation, production, trade and consumption.
The changes were approved by nine votes to two, with the CSSS-E supporting the initiative saying that it will be “regulating the cannabis market to better protect young people and consumers”, enabling legislative work to begin to create a regulated market. It aims to stem the black market and ensure that only cannabis which has been checked for quality is available.
The CSSS-E has said it is essential that the National Council takes into account the results of the pilot projects underway on the non-medical use of cannabis, citing that “the international context must also be taken into account.”
Changes in Luxemburg
Luxembourg announced plans to legalise recreational cannabis three years ago but has delayed on the matter. However, the country made the announcement on Friday (22 October) that citizens would be able to cultivate cannabis at home for personal use.
The deal struck in 2018 set the stage for legislation of recreational cannabis to be drawn up with the goal of impunity or legalisation regarding production in the country, as well consumption of cannabis for personal use, and for a national production and sales chain to be introduced under state control, with product quality assurance.
The deal said that the revenues from cannabis sales would be given priority into prevention, education and healthcare, and invested in the field of addiction.
The new announcement set out that citizens would be able to grow up to four plants, and that seed trade would be allowed, however, public consumption of cannabis remains illegal.
- Life sciences company to expand into medical cannabis market
- European Medicines Agency gives cannabinoid medicine positive opinion
- Cannabis regulation changes across Switzerland and Luxembourg
- Cannabis investment company to see UK and Europe growth
- How COVID has and will continue to change the cannabis market