Voyager, which was set up to supply high-quality cannabidiol (CBD) and hemp seed oil products, will gain additional financial fire-power and a platform for growth through the listing.
The firm was founded by chief executive Nick Tulloch in November 2020, to capitalise on the “significant opportunity” he believes exists due to the forecast growth and ongoing regulatory changes in the UK’s CBD market. Tulloch is the former chief executive of Zoetic International, the first CBD company listed on the London Stock Exchange.
In February, Voyager raised £874,000 through a crowdfunding campaign on Seedrs, and in April it raised a further £741,000 through a private fundraise, including a commitment of £100,000 from Greencare Capital plc, the Aquis-listed investment company focused on medicinal cannabis and related areas.
The CBD firm has opened more than 20 new trading accounts with independent retail stores and chains in the last month, providing another “potentially significant” source of revenue for the firm which has, to date, relied largely on online sales through its own website and more than 20 third-party sites, including popular online platforms Amazon, eBay and Etsy.
The company has also signed a lease on retail premises in the Fife coastal resort of St Andrews. The shop, on the university town’s Market Street, is due to open by early July and will mark the firm’s first foray into physical retail space, with the possibility of more outlets to follow soon in other UK towns and cities.
The firm has a growing range of CBD and hemp seed oil products, including oils, “gummies” for oral consumption, bath products and skincare products.
In May, it added a “paw balm” to its increasingly popular pet range, which combines organic hemp seed oil and cooling aloe vera to soothe and relieve cracked paw pads and noses, and this week introduced eco-friendly hemp dog leads to further boost this range.
Tulloch said: “We are adopting a strictly professional approach to establishing the company and developing our business. CBD is a fast-growing industry so it should be no surprise that it will attract increasing attention from regulators.
“Mainstream retailers will, rightly, only deal with fully compliant businesses, so the strict governance framework we have established as part of the fabric of Voyager is a key element of our approach.
“We are realistic and do not expect overnight success, but I am encouraged by the pace of growth we have achieved in the last six months, both in terms of new distribution channels and sales, which gives the board confidence that this is an ideal time for us to be taking Voyager to the stock market.”
He added: “We want Voyager to become the pre-eminent trusted CBD brand in the UK. With an experienced team and a product line created in preparation for the UK’s new regulatory regime, we are well-placed to grow in tandem with the increasingly popular CBD health and wellness trend.”