In a first for the UK, Cancard and Grow Lab Organics (GLO) have joined forces in an unprecedented initiative to give patients ownership of a licensed medicinal cannabis company. GLO, which is based on the Isle of Man, is offering up to 25% of its equity to patients in the UK, giving them influence over the production and accessibility of life-changing medical cannabis treatments for the first time.
This ground-breaking partnership aims to empower patients by involving them in decision-making processes related to medicinal cannabis. By offering patients a stake in GLO's equity, they will have a direct say in how the company operates and ensure that their needs and preferences are taken into account. This innovative approach not only promotes patient-centred care but also encourages a sense of ownership and inclusivity within the medicinal cannabis industry.
Raising £5m for a first class cannabis facility on the Isle of Man
Last year, GLO became the first company to gain a licence for the cultivation and export of cannabis from the Isle of Man. Now, in partnership with Cancard, GLO seeks investors from the UK patient community, aiming to dramatically reduce the cost of treatment.
GLO has indicated that the primary allocation of the raised funds will be towards constructing a cannabis production facility to deliver top-quality products through organic farming techniques, scaled for larger output. The Isle of Man-based facility will include 22 tennis-court sized flowering chambers and six drying rooms. At maximum capacity, the facility aims to yield more than 20 strains each year. GLO envisions a sustainable operation where water, energy, and heat are conserved and reused across the facility, with plant stalks repurposed into product packaging.
GLO uses technology to ensure a secure digital connection between the company, its patients, and its products through GLOchain. This unique blockchain-based system will allow patients to 'meet the grower' or access batch-specific analytical reports via a unique QR code on each product and allow patients to provide feedback on the efficacy of specific strains.
A patient owned collaboration with Cancard
Carly Barton, the Chief Community Officer of GLO, is the creator of Cancard, an identification card for patients who use cannabis for medical purposes that received support from senior Police Federation representatives.
Cancard's 75,000 members were offered preferential access to GLO shares before the public fundraising round opened.
An innovative approach putting patients at the heart of the industry
This unique collaboration is genuinely inspiring in its significant departure from traditional cannabis business models in the UK. It is very encouraging to see a shift towards a more community-centric, patient-focused strategy with this initiative, which also highlights the importance of the development of a domestic industry for medicinal cannabis in the UK. The partnership offers tremendous potential for increased access, affordability, and product quality control, positioned to contribute to a broadly improved patient experience.
Maple Tree keenly looks forward to following the development of the GLO facility and collaboration, alongside the potential impact on the medicinal cannabis industry in the UK. Involving patients in the industry is a vital aspect of understanding and responding to community needs, as well as learning from the vast expertise of patients. We wish the teams and investors all the very best in their endeavour to reshape the future of medicinal cannabis through this patient-centred approach.
Investors can head to Seedrs to invest, and visit GLO and Cancard to learn more. The fundraising round for GLO is set to close on 19 July 2023 and has already raised over £4.1 million from investors, nearing its £5 million target with only a few days remaining.
