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A producer of medical-grade hashish has employed bankers to pave the way in which for it to make its public market debut.
Sky Information has learnt that Jersey-based Northern Leaf is working with finnCap Cavendish on an inventory plan that might see its shares start buying and selling as quickly as this summer season.
One supply stated the corporate hoped to draw a valuation of about £60m.
Northern Leaf, whose shareholders embrace AIM-listed SEED Improvements, raised £3m in a pre-IPO funding spherical earlier this yr.
Based in 2019 by Gerald Snyman, an agricultural entrepreneur, it’s partly owned by Chrystal Capital Companions and a consortium of Jersey-based personal traders.
Final yr, the corporate recruited Don Perrott from Aurora Medication as its chief government.
Frank Walker, Jersey’s former chief minister, has been lined-up to chair Northern Leaf’s board, whereas Paul McCabe, who was beforehand the island’s chief pharmacist, is the corporate’s head of high quality and regulation.
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So far, it has invested £30m in constructing a 100,000 sq. foot rising facility, and at present employs greater than 20 individuals throughout administration, cultivation, processing, engineering and upkeep.
Northern Leaf’s present licence is permitted by the Residence Workplace, whereas it’s within the latter levels of an software for EU accreditation from the Medicines & Healthcare merchandise Regulatory Company.
A spokesman for Northern Leaf declined to remark.
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