Two peers will help medical cannabis company Equinox cash in during its upcoming London float.
Yesterday Equinox announce plans to list its shares on the AIM marketplace with the goal or raising funds to build a state-of-the-art extraction and production facility on a 20-acre UK site approved by the Home Office. The company is hoping to cash in on the UK medical cannabis market which will have an expected addressable market of an estimated £7.5bn by 2028.
Xan Morgan, cofounder and CEO of Equinox said “the UK medical cannabis market is forecast to be one of the largest in Europe and Equinox has a significant first-mover advantage to build a British champion and transform patients’ lives.”
A number of the Queen’s parliamentary representatives sit on the company’s board as non-executive directors and will be in a position to advise the firm as it embarks on its London float.
Lord Cholmondeley, 61, the Lord Great Chamberlain and a descendant of Britain’s first Prime Minister Sir Robert Walpole is one of the firm’s backers. Another believer in the firm is Tory peer Baroness Manzoor, 63, former chairman of Bradford health authority, who is also an independent non-executive director at the firm.
“We have one of the first commercially scaled medical cannabis cultivation and production licences issued by the UK Home Office,” Morgan added, noting that the company’s goal is to provide “consistent, British-grown high-quality medical cannabis” and medical cannabis products for “improved medical care” in the UK.
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