Scotland rugby star Finn Russell is among a stellar list of national and international investors from sport and business who together raised more than £250,000 for Pure Sport CBD in the firm’s first significant investment round.
The Racing 92 stand-off is joined by a host of well-known names in business, including former Scottish finance director of the year and former Clyde Blowers Capital director, Alex Stewart; Brad MacCulloch, a former head of US rates trading in Asia and Europe for Deutsche Bank; and Neil Watson, managing director of Cairnhill Structures.
Former All Blacks head coach and current director of New Zealand Golf John Hart has also invested in the Scottish founded/London-based CBD producer, as have CEOs at the top of the automotive and aeronautical industries in New Zealand, native country of Pure Sport co-founder Grayson Hart.
The capital raised – on a company valuation of more than £2.6m – will be invested in a new facility and wellness space in London, as well as the development of new products as Pure Sport branches out into the non-CBD health and wellness market.
The investment comes at the perfect time for Pure Sport CBD, already the world’s most lab-tested CBD brand, as it aims to be the first CBD producer to gain approval by the Food Standards Agency (FSA), which will introduce stringent rules on the sale of CBD in the UK from March 31. Pure Sport CBD has applied for validation and expects to receive approval on March 31.
The boost is the latest success for rapidly growing Pure Sport CBD, building on a bumper 2020 in which saw revenues grow fivefold.
Russell, 28, also a brand ambassador for Pure Sport CBD, said: “I have invested in Pure Sport CBD because I use it, I trust it, and I believe in the people behind it.
“I benefit from Pure Sport CBD every week to aid in my recovery from the rigours of professional rugby, and so do countless others throughout the game and sport at large.
“The triple lab testing means it is one of the safest CBD products on the market, and can be used with confidence at all levels of sport, and the potential for growth from that platform is huge.”
Grayson Hart, 32, who founded the business with former Glasgow Warriors teammate Adam Ashe in 2018, said: “This is a fantastic level of investment at an important time for Pure Sport CBD. The calibre of investor from a range of sectors shows the confidence there is in the brand and the direction of travel. We have an ambition to make Pure Sport the biggest and best CBD brand in the world, and this round of investment marks a significant step on the road to achieving it.”