Liverpool-headquartered TTS Pharma - which operates as a supply chain manager in the cultivation, manufacturing and development of the ethical cannabis market - has closed a private equity investment of more than £10m and appointed a new executive chairman.
The company has brought in £10.3m on the basis of a two-tranche investment. This will permit TTS Pharma to become one of the most forefront global suppliers in the fast-growing industry by allowing it to expand its existing supply chain, develop its own facilities and further strengthen its academic and commercial partnerships.
It will also diversify its operations into the wellness, nutraceutical and pharmaceutical sectors.
Meanwhile, Paul Atherton has been made executive chairman. He has spent time at Heritage Oil, Deloitte and BDO.
"Utilising existing in-house know-how, TTS Pharma represents a unique chance to develop and produce world-class, novel products for the rapidly growing new industry of ethically-based, legal cannabis products," said Atherton. "I see a long-term opportunity to establish cost and scale advantages, allowing this company to flourish in this attractive, global emerging industry."
TTS Pharma chief executive Mark Tucker added: "It is a great privilege to lead a team of highly experienced pharmaceutical professionals building an exciting portfolio of technologies and products based on world class expertise and industry leading know-how.
"Since my early involvement in pre-clinical cannabinoid trials in 2003, TTS Pharma has grown extensively and is now producing and developing a range of innovative and safe cannabis-based products within existing legislation and the evolving regulatory framework."