The Financial Times is reporting…“Companies warn current regulations will encourage investment to shift elsewhere in Europe”
The FT goes on to say by way of introduction to their piece
Companies in the sector complain that speedy legalisation has been hampered by excessive red tape and argue that the UK risks falling behind in an industry that is rapidly expanding in Europe, buoyed by increasing interest from investors in Canada and the US. Groups can currently only import cannabis to fulfil existing UK prescriptions, and the Home Office will not issue export permits for most cannabis-based medicines.
“We’re hoping to raise series C funding of up to £15m in the next months, and all of that will be spent in the UK if we can export, otherwise we will have to go to Denmark, Portugal, Holland or Germany,”
Said Ben Langley, chief executive of three-year-old start up Grow Biotech.
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