LONDON – Glass Pharms have agreed Heads of Terms with infrastructure investment fund to provide up to £22.5m in financing to build the first dedicated medical cannabis cultivation facility that will be carbon negative by design.
- A cultivation facility that is Carbon Negative by design
Glass Pharms is building an advanced 2.5 hectare greenhouse facility in the South of England that will be powered by an anaerobic digestion plant. The plant turns food waste into electricity, with waste hot water from the plant being used for both heating and cooling in the greenhouse. Glass Pharms’ facility will be accredited to verify its status as carbon neutral.
2. Glass Pharms has the first UK commercial licence for third party supply
Currently, almost all medical cannabis that is supplied to patients in the UK is imported, with inconsistency of quality and supply. Glass Pharms have the first UK commercial licence granted by the Home Office to supply High-THC cannabis flower to lawful third parties, such as pharmaceutical companies. This will allow the company to grow medical cannabis to the correct regulatory standards for onward supply to UK pharmacies and clinics.
‘We will underpin a secure supply chain of medical cannabis to UK, whilst at the same time making a real contribution towards the UK’s Net Zero targets.’ said James Duckenfield, CEO.
3. What Glass Pharms means by ‘pharma grade cultivation’
Growing to the fine tolerances required by the pharmaceutical sector for medical cannabis flower is difficult in traditional greenhouses and is typically the preserve of energy inefficient indoor facilities. The Glass Pharms cultivation facility plans to achieve these standards using a range of methods, including AI-based environmental management systems to control a range of growing variables.
“The result will be a replicable end-product, meaning that UK medical cannabis patients will benefit from a fresh product that meets their requirements for quality with a predictable supply. We look forward to being able to supply our customers in 2022.” said Duckenfield.
The agreement for the provision of up to £22.5m in financing is the largest dedicated infrastructure investment in the UK medical cannabis industry to date, demonstrating real confidence that medical cannabis has a long term and sustainable future in the UK.
(This information is primarily sourced from Glass Pharms Ltd. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).