CBD specialist Voyager Life confirms IPO
Cannabis oil specialist Voyager Life is to make its market debut, it was confirmed on Monday, following a successful crowdfunding campaign earlier in 2021.
The Scottish firm, which supplies CBD and hemp seed oil products, intends to float on the Aquis Stock Exchange Growth Market during the second quarter. Aquis is aimed at companies that want to go public but are too small to qualify for the London Stock Exchange’s more high profile junior market Aim.
So far this year, Voyager has raised £874,000 through Seedrs, the crowdfunding platform, and a further £741,000 through a private fundraise, including £100,000 from investment firm Greenacre Capital. Aquis-listed Greenacre specialises in medicinal cannabis.
Nick Tulloch, Voyager chief executive, said: “We believe this is a sector with significant growth potential and our focus has been on building our product range alongside a robust approach to assurance and compliance as strong foundations to build the brand and the business.
“At the time of our crowdfunding campaign in February 2021, we were clear with investors that our aspirations were to take Voyager onto the public markets when the time was right. The progress made by the business, couple with strong investor backing, has enabled us to realise these plans far more rapidly than we originally envisaged.”
Tulloch added that floating on Aquis would give investors liquidity but allow the firm to maintain its Enterprise Investment Scheme-qualifying status. EIS is a government scheme that helps companies raise money by offering tax relief to individual investors. Under the scheme, firms can raise up to £5m each year, up to a maximum of £12m in the company’s lifetime.
Voyager, which was founded in 2020, is being advised by Cairn Financial Advisers and Bixteth Partners.