A PRODUCER of medicinal cannabis based at the former Tamba Park site is St Lawrence is seeking to expand into European markets after clearing an important regulatory hurdle.
Northern Leaf has become the first Island grower to achieve accreditation from the Medicines and Healthcare products Regulatory Agency in the UK, and is now continuing its aim to list on the London stock market this year.
The company’s chief executive, Don Perrott, said the Good Manufacturing Practices certification was a prerequisite for growers wishing to supply EU importers and manufacturers of cannabis-based medicines, and gave Northern Leaf access to a market expected to be worth almost £2bn by 2027.
He said: ‘This is an important milestone for Northern Leaf and for Jersey’s medical-cannabis industry. It’s taken more than two years and has involved a great deal of hard work, so we were delighted when news came through that we had achieved it.
‘Accreditation qualifies us to supply a wide range of buyers, supporting the implementation of our strategy to become a leader in the development of pharmaceutical-grade cannabis medicines for the benefit of patients in Europe and further afield.’
Mr Perrott said that being certified would also significantly boost the company’s bid to secure new investment.
‘We have been working hard with advisers since January, so the process for listing is fairly well-advanced,’ he said.
‘Seeking funding from the capital markets would have been very difficult without accreditation, so effectively it was a requirement which we have now achieved.’
The company’s listing was now on target to take place during the third quarter of this year, Mr Perrott added.
Northern Leaf was founded in 2019 by agricultural entrepreneur Gerald Snyman, backed by investment house Chrystal Capital and a consortium of private investors. The company has invested £30 million, building a 100,000 sq/ft cultivation and processing facility and employs 23 people across management, cultivation, processing, engineering and maintenance.