An all-female led CBD firm on a mission to become “The Hut Group of cannabis” officially launched today after raising £1 million.
London-based South West Brands, a “multi-brand consumer goods group developed specifically for the CBD industry”, is headed up by former City banker Rebekah Hall, who launched Europe’s first CBD-infused soft drink, Botanic Lab, back in 2015. The drinks are now stocked in Waitrose and Harrods.
CBD stands for cannabidiol – the non-psychoative compound in cannabis plants. It is used medicinally to treat conditions including insomnia. Bank of America Merrill Lynch has estimated its global consumer market is set to reach a value of $39bn by 2032.
SWB raised the cash over the past six months from both angels and institutional investors, including AIM-listed fund FastForward Innovations. They now aim to raise another £5-£10 million for acquisitions and expansion in the coming year.