UK group moves to Jersey after rules relaxed on cannabis-related products

UK group moves to Jersey after rules relaxed on cannabis-related products
CANNANNEW REPORT

The FT reports Consumer goods company Tenacious Labs shifts HQ to Channel Island to help expansion British consumer goods company Tenacious Labs is moving its headquarters to Jersey to benefit from the Channel Island’s decision to relax rules on proceeds earned from cannabis-related products. Chief executive Nick Morland said the move to Jersey from London was necessary to allow the group, which uses ingredients from the cannabis plant for its wellness products, to expand further. The company, which launched in London two years ago, wants to move into the market for non-medical products that contain the psychoactive cannabinoid THC in countries and states where that is legal. But UK laws ban investment in non-medical THC products, in contrast to Jersey, which last summer updated rules allowing proceeds from all cannabis products as long as they are legal in the country where they are sold. “We are a far more attractive investment proposition headquartered in Jersey than in London as it currently stands,” Morland said. At present, Tenacious Labs sells wellness products that contain the non-psychoactive cannabis compound CBD, which can be sold over the counter. Its brands such as Press Pause and Hoo Raa make CBD-infused toiletries and lubricants. Read full report https://www.ft.com/content/f4c11c25-78aa-4dd7-bb4b-98af86454749

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Source : UK group moves to Jersey after rules relaxed on cannabis-related products

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