UK cannabis medicines firm Grow Group expands globally with the acquisition of Sanoid
UK medical cannabis company Grow has announced todayit has acquired a major medical cannabis production facility in Spain – a move which transforms Grow into an integrated cannabis production, R&D, and distribution company.
This transaction will enable the firm to deliver further on its mission of providing the broadest portfolio of quality cannabis medicines to patients across the world at the most accessible prices.
The deal – to acquire 100% of the share capital of Sanoid Isolates – will see Grow own and control its own sustainable and cost competitive supply chain for cannabis medicines. The Sanoid facilities are based near Seville in the heart of Spain’s southern agricultural region and enjoy some of the longest sunlight hours in Europe. The facility includes eight hectares of sustainable & low-cost sun-grown production capacity, inclusive of four hectares of fully constructed high-tech greenhouses. Grow aims to be a global leader in scalable and environmentally sustainable cannabis production.
Grow’s strength has been built on its partnership with medical cannabis brands – including established leaders such as Aurora, Tilray and Columbia Care – to market and distribute their products in the UK. The facilities acquired in this transaction will enable Grow to broaden the value it can add to partners by offering GMP extraction and manufacturing services in Europe, including the fully scalable & bespoke production of low-cost pharmaceutical grade API.
Grow currently accounts for around 20% of the rapidly-growing UK cannabis medicine market. The transaction also gives Grow an immediate footprint in Spain, from which it will expand with distribution operations across Iberia once Spanish legislation allows.
Grow CEO Ben Langley said: “This acquisition showcases our ambition to become Europe’s leading supplier of cannabis medicines, creating an efficient supply chain from farm right through to pharmacy, to better serve thousands of patients. It will allow us to produce new cannabis medicines that the market needs, while giving us the infrastructure to carry out production and extraction efficiently and cheaply. The deal not only solidifies our ability to produce medicines for those patients we support in the UK, but will also support us as we expand globally.”
Grow currently provides over 1,200 people in the UK with cannabis medicines, and recently made history by becoming the first ever UK cannabis medicine start-up to complete a crowdfund, hitting their minimum fundraising target of £3.2m within an hour of the crowdfund opening publicly. The crowdfund, launched via the start-up investment platform Seedrs on the 9th August, will help to support the company’s growth in the UK and across Europe, as well as support further M&A activity.