A MEDICINAL cannabis oil farm is entering an “exciting new phase”, says its director, chairman and co-founder.
Hilltop Leaf Holdings Ltd is a private medicinal cannabis cultivation and extraction business which aspires to create upwards of 50 jobs.
Hilltop’s objective is to play a leading role in the provision of full spectrum cannabinoid oils, active pharmaceutical ingredients and cannabis-based medicinal products to the European market.
It has announced that it has closed its Seed Enterprise Investment Scheme (SEIS) round capital raise and exceeded its target of £2m.
SEIS is designed to help a company raise money when it’s starting to trade.
It does this by offering tax reliefs to individual investors who buy new shares in the company.
The company is also pleased to announce that a total of 20,000,426 subscription shares have been successfully subscribed at the placing price of 10 pence for each ordinary share.
According to the share subscription, Hilltop has raised gross proceeds of £2m.
Hamish Clegg, director, chief executive officer, and co-founder of Hilltop, said: “We are delighted to have such strong support from our new shareholders in our EIS Seed round.
“The funds are a vital step towards realising our strategic goals of creating a fully-integrated medicinal cannabis company.
“The funds have specifically contributed to the early construction of our greenhouse, enabling us to capitalise on the £735,000 grant from South of Scotland Enterprise in 2020.
The funds are also being invested in our quality management systems, pilot project to conduct product development and our licence application process.
Neil Ewart, director, chairman and co-founder of Hilltop, added: “Hilltop is entering an exciting new phase as we convert plans into reality.
“With that comes great responsibility and focus on governance for our new shareholders and stakeholders alike.
We strive to be a science-led company with focused delivery of top-quality product for our patients.
“We are very grateful to all our key stakeholders for their financial support and partnership.
“They have enabled us to reach this significant milestone of raising £2m and establishing our exciting plant in Scotland.”