British cannabis company is purchased by the US for millions

12 Jun 2020

A legal British weed organization has been procured by a US-based privately financed company in a multi-million pound transaction which some state could quicken the sanctioning of recreational/medical cannabis in the UK.

Bridge Farm is a licenced cultivation operation situated in the county of Lincolnshire that has been obtained by Artemis Growth Partners for around £66m. The company associates are mostly previous Goldman Sachs and JPMorgan administrators who all have a large amount of connections that  successfully sell and promote cannabis for various purposes including for therapeutic use. Declaring the arrangement, Artemis said it expected the colossal financial loss experienced in economies throughout the world that has been caused by the recent` covid-19 pandemic could force governments to tax cannabis and make it available in order to help raise much needed revenue. The senior arrangement investigator at Transform, a foundation that advocates for the reform of drug policies said such business acquisitions like this may improve the availability of medical cannabis on prescription in the future but yet reveal to us less about the more extensive need for legalisation. Steve Rolles was also quoted saying “The UK may be ahead of the game on medical cannabis production but we are way behind on actually making medical cannabis available. And unlike the UK, other countries like Canada, Uruguay, Mexico and Luxembourg are taking steps to legally regulate non-medical cannabis markets as well. Those reforms are changing the public debate globally, and helping shift opinion on wider legalisation in the UK too. The question is not if we should legalise, but how to do it properly” Even though the sale and production of cannabis remains prohibited in the country the Farm is one of only twelve sites that have been authorized to do so legally by the UK Home Office. Managing director of the Bridge Farm group Louise Motala said “This is an exciting time in our history, over the last two years we have invested over £45m in Clay Lake, one of the most advanced, environmentally sound cultivation facilities in Europe. We have over 60 acres of fully automated, sustainable cultivation and production space and we are looking forward to realising the full potential of our scale and facilities for the benefit of our customers.” The company which also grows herbs and ornamental plants for some of the top supermarket chains has an extensive glasshouse facility in Spalding where it cultivates hemp plants for the production of medical grade Cannabidiol (CBD) oil, this is commonly used to as an effective treatment for conditions such as anxiety and stress. A co-founder of Artemis said  “We’re going to find budgets around countries to have giant gaps, and the economics are overwhelmingly in favour of governments jumping ahead and legalising cannabis and finding near-term revenue there. In the cannabis space, there is no equal asset to Bridge Farm. For us, this is incredibly opportunistic.”