Medical cannabis group Northern Leaf grows plan for listing

A producer of medical-grade cannabis has hired bankers to pave the way for it to make its public market debut.

Sky News has learnt that Jersey-based Northern Leaf is working with finnCap Cavendish on a listing plan that could see its shares begin trading as soon as this summer.

One source said the company hoped to attract a valuation of about £60m.

Northern Leaf, whose shareholders include AIM-listed SEED Innovations, raised £3m in a pre-IPO funding round earlier this year.

Founded in 2019 by Gerald Snyman, an agricultural entrepreneur, it is partly owned by Chrystal Capital Partners and a consortium of Jersey-based private investors.

Last year, the company recruited Don Perrott from Aurora Medicine as its chief executive.

Frank Walker, Jersey’s former chief minister, has been lined-up to chair Northern Leaf’s board, while Paul McCabe, who was previously the island’s chief pharmacist, is the company’s head of quality and regulation.

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To date, it has invested £30m in building a 100,000 square foot growing facility, and currently employs more than 20 people across management, cultivation, processing, engineering and maintenance.

Northern Leaf’s existing licence is approved by the Home Office, while it is in the latter stages of an application for EU accreditation from the Medicines & Healthcare products Regulatory Agency.

A spokesman for Northern Leaf declined to comment.

Sky News

(c) Sky News 2023: Medical cannabis group Northern Leaf grows plan for listing

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