UK: County Durham cannabis firm Canna Group secures £500k government investment

A County Durham firm pioneering investigations of cannabidoil (CBD) – an active ingredient in cannabis – has landed nearly £500,000 funding to support research and manufacturing with hope for future jobs.

Canna Group has received the sum from innovation agency Innovate UK to develop bespoke technology to manufacture CBD-HQ – an oxidised version of CBD, which occurs when cannabis or hemp is left open to the elements and is said to be more easily absorbed by the human body. The Consett-based firm says it could be the first such funding for a UK cannabis business and will now develop proprietary cannabidiol synthesis technology.

Americo Folcarelli, chief marketing officer of Canna Group, said: “Naturally, we are very pleased to receive this award from Innovate UK which will help speed-up the development of our proprietary technology for the synthesis of CBD-HQ here in the North East of England.”

Read more at https://www.business-live.co.uk/enterprise/small-and-medium-enterprises/county-durham-cannabis-firm-canna-25193276

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