UK Cannabis Laws: Greener on the other side

UK Cannabis Laws: Greener on the other side
Uk Health news

UK cannabis laws have meant that Tenacious Labs, a British company, has moved its headquarters to Jersey in order to take advantage of the Channel Islands’ decision to relax its rules on cannabis-related products.The move to Jersey from London was necessary to allow the wellness products company to expand. Nick Morland, the chief executive, said the company uses cannabis ingredients in its products.Founded in London two years ago, the company plans to enter the market for non-medicinal products containing psychoactive cannabinoids such as THC in countries and states where that is legal.In contrast, Jersey updated its rules last summer to allow the use of proceeds from cannabis products that are legal in the country where they are sold, but UK laws prohibit investment in non-medicinal THC products.Having our headquarters in Jersey rather than London as it stands now would be a much more appealing investment, Morland said.As of now, Tenacious Labs sells wellness products containing CBD, a nonpsychoactive cannabis compound that can be purchased over the counter.CBD-infused toiletries and lubricants are available through its brands Press Pause and Hoo Raa.In order to expand its brands, the group plans to raise about $100m as part of its move to Jersey by August.This move to Jersey, where it has offices as well as a manufacturing plant in Colorado, may make it easier for the company to produce legal THC products at its facility there, where it produces cannabis-infused beverages, edibles, and pet products.During the past few years, New Jersey has strived to become a global center for the rapidly expanding cannabis industry, in order to diversify away from cattle and potatoes. UK Cannabis laws prevent exporting products A medical cannabis company, Northern Leaf, has also chosen Jersey over the UK.It could have obtained a UK cultivation licence but couldn’t export its products,…

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Source : UK Cannabis Laws: Greener on the other side

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