Alphagreen, a European marketplace for cannabis products is launching the largest ever crowdfunding raise in the CBD and medical cannabis space.
The cash injection will be used to grow its e-commerce and digital marketing operations, expand into new global territories, and leverage its expertise of the sector to enter the emerging market for medical cannabis.
The business had a strong start and raised in the last few days £1.5m already. Existing investors include Stockholm-based Enexis AB, US cannabis fund West Creek Investments and angel investors, including Igor and Oleg Tikhturov.
Co-founder and CEO of Alphagreen, 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.”
When it began trading, Alphagreen listed four brands and 50 products. Today the CBD marketplace sells more than 150 brands with more than 2,500 products. Revenue has surged from £23,562 in its second quarter 2020 to £130,000 in the first quarter of 2021, representing a growth of more than 450%.
Pikovsky said: “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.”