The first company in the British Isles to win a licence to harvest hemp flowers for cannabis oil has raised ÂŁ2m, as investors rush to plough money into âgreenâ start-ups.
Jersey Hemp, based on the Channel island, was founded by former firefighter David Ryan and two colleagues in 2013. The trio were studying the combustibility of different building materials and learnt about âhempcreteâ â a fire-resistant substance that comes from the woody core of hemp plants. They wanted to revive the tradition of cultivating hemp on Jersey and in August Jersey Hemp won a licence to extract CBD, which can relieve pain.
The cash came from Bernard Fairman, who founded private equity firm Foresight 35 years ago. Analysts expect the British market for CBD productsâŚ