By Roland Sebestyén
It has been announced that Israeli CBD company CiiTECH has become a partner of the New Leaf Opportunities campaign – a movement that aims to highlight the economic benefits of making the UK a European hub for cannabis.
The company joins the campaign alongside current partners Volteface, Ince, Kanabo, Spinnaker Opportunities and Hanway Associates.
CiiTECH is a cannabis biotech company that focuses on discovering, developing and commercialising cannabis products for wellness markets. Their flagship product Provacan is already widely available in the UK.
The coalition spans expertise in policy, law, markets, cannabis consultancy and innovations in the CBD sector.
The campaign is highlighting the economic benefits of investment in the UK, with the FCA recently announcing that cannabis companies will be allowed to list on the London Stock Exchange.
Joining New Leaf Opportunities campaign, CiiTECH CEO Clifton Flack said: “As we face economic turmoil off the back of Covid and Brexit, the Treasury should be looking towards emerging industries such as CBD and medical cannabis.
“On the path to economic recovery these industries provide not only as a source of taxable revenue but to provide jobs in the wellness sector, increase access for patients and improve product quality for consumers.”
Campaigners have emphasised that the CBD market alone in the UK has been estimated to be worth £300 million per year, with this rising to £1 billion by 2025.
Experts working in the UK market claim that the UK has an advantageous position given the regulatory clarity provided by the FSA around CBD.
At New Leaf Opportunities, the organisers say the aim is “to capitalise on this growth and drive business through this country.”
Investment in the cannabis space will also accelerate exciting innovations, with further finance allowing companies to investigate a variety of potential medicinal uses of CBD through improved research and development.
The campaign is calling on the government to make the United Kingdom a central hub for cannabis companies to operate in starting 2021.