The UK government has become a shareholder in a cannabis oil company and a London-based craft brewery. The British Bank's Future Fund was set up by the government to provide loans to start-ups during the pandemic. Many of these loans have now been converted into shares.
Originally created as a way for the government to support innovative companies that struggled to raise funds during the pandemic, the fund now holds equity stakes in 335 companies. Cannabis oil or cbd oil is very popular in many countries.
Grass & Co cannabis oil and new investments
The latest investment round includes Grass & Co. Founded in 2019 by brothers Ben and Tom Grass, this company makes CBD products from hemp. Other new investments unveiled by the fund include Yaar, a maker of Scandinavian yogurt bars; Animal Dynamics, a drone company; Borrow a Boat, a yacht charter company; London-based cancer treatment company Epsilogen; Gipsy Hill Brewing Company; and the creator of virtual games nDreams.
“The Future Fund was created to increase the flow of capital to companies at the height of the pandemic while also providing long-term value for the British taxpayers,” said Ken Cooper, the director of venture solutions at British Business Bank. “We are delighted to see this influx of companies continuing to attract more private sector capital. As a shareholder of these companies, the Future Fund is well positioned to share in the benefits of continued growth.”
In total, the government has spent around £1,14 billion to support 1.190 companies through the Future Fund. Of these, 335 converted loans to equity after successfully raising money from private investments that matched at least government funding.
Read more www.theguardian.com (Source, EN)