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Lyphe Group Secures Growth Capital & Completes Restructuring

Published

7 months ago

March 1, 2023

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PRESS RELEASE

New capital raise to fund operations through to becoming cash flow positive
Supply chain consolidation and below-the-line efficiencies to realise over £4m annualised savings
Top-down restructuring and significant right-sizing to various teams across the business
Re-focusing on core UK market as well as strategic Australian market

LYPHE Group Ltd (“Lyphe” or the “Company”), the UK’s largest medical cannabis company, today announces a new capital raise and the completion of an internal restructure.

The capital raise is led by existing investors whose funding will support the Company to becoming cash flow positive in late 2023. The financing took place concurrently with the consolidation of its supply chain and operating cost base, resulting in over £4m annualised savings this year.

The Company has appointed a new board of directors comprising Rob Reid (founder who rejoined two months ago to lead the restructure), George Scorsis (founding investor in Lyphe and chairman of one of Canada’s leading medical cannabis specialists), Simon Lawley (investor representative), Nikolay Tretiyakov (investor representative) and James Scarth (Chief Financial Officer).

The board would like to thank outgoing co-founder and CEO Jonathan Nadler and fellow directors Brian Fisher, Brad Morris and Chris Ashton for their service.

Lyphe’s new management team will draw on its diversity of expertise to strengthen its position as the UK market leader. It comprises Sophie Gamwell (Operations & Supply Chain), Dr Luisa Searle (Medical & Clinical), Andrew Tyler (Marketing & Digital Product) and Helen Gale (Governance & Regulatory). A new CEO has been identified and will be announced over the coming weeks.

In addition, the Company is pleased to welcome back Prof. Mike Barnes, Chairman of the Medical Advisory Board, and Hannah Deacon, who will form a new working group between Lyphe and the various patient associations in the UK. They will also both advise and report directly to the board of directors.

Lyphe Group will continue to operate in Australia, where the board recognises the potential for significant bottom-line contribution. However, the Company will exit other non-core markets, including Israel. It has also decided not to pursue its previously announced LOI to acquire Materia.

Rob Reid said: “We have undergone an extensive restructuring with the support of our existing investors. We continue to maintain a 30% market share in the UK, have entered the high-growth Australian market and now look forward with new leadership, a robust and reliable supply chain, and a genuine patient-first approach. The next chapter of our growth is set to bring many exciting and accretive opportunities.”

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Press Release: Lyphe Group and Boveda INC. Forge Partnership for UK Medical Cannabis Patients

Published

3 weeks ago

September 14, 2023

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Lyphe Group (“Lyphe”), one of the UK’s leading medical cannabis companies, is pleased to announce an innovative partnership set to enhance the way patients receive their medical cannabis prescriptions.

In an industry first, Lyphe’s dispensing pharmacy Dispensary Green has partnered with Boveda Inc. (“Boveda”), the global leader in 2-way humidity control, to empower patients to keep their cannabis prescriptions in optimal condition.

As part of the partnership, Dispensary Green will include complimentary Boveda packs with all medical cannabis flower prescriptions. Dispensary Green and Boveda will also work together to educate patients on how to preserve the freshness of their medication and identify key quality markers.

Nick Pateras, CEO of Lyphe Group, said: “This partnership exemplifies our commitment to supporting patients’ rights for the highest quality medical cannabis.

“Our ambition to deliver a best-in-class patient experience has led us to identify several opportunities for standout patient care, and our relationship with Boveda is the first of these initiatives. We understand the importance of patients’ medicine being at its freshest and most effective for the conditions they are treating.”

Benjamin Patock, Head of International Relations at Boveda Inc., adds: “Proper humidification is one of the most pressing global challenges in cannabis care today, especially since it extends beyond the point of sale into patients’ homes – and therefore beyond the direct control of producers, clinics, and pharmacies.

“It is a pleasure to see medicinal pioneers such as Lyphe Group taking this extra step towards a flawless patient experience by embracing our patented technology. We are looking forward to a great partnership!”

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ElixinolSkin cosmetics return to UK

Published

6 months ago

April 7, 2023

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Acclaimed Global CBD brand, Elixinol, is making a highly anticipated return to the UK market thanks to a partnership with BRITISH CANNABIS™.

This exciting development was made possible by the 2022 licensing and distribution agreement entered into with BRITISH CANNABIS™ a leading UK-based company.

With this strategic partnership in place, customers in the UK can look forward to experiencing the exceptional quality and purity of Elixinol’s CBD products, which have been meticulously crafted using the finest ingredients and industry-leading production techniques.

“As the trusted regional partner of Elixinol, we are thrilled to be able to bring you a range of cosmetics that not only enhances your skin’s natural radiance but also promotes overall well-being”, commented BRITISH CANNABIS™ Marketing Director, Steve Batchelor.

New partnership sees revamped ElixinolSkin cosmetics return to UK

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CiiTECH Bought Out Of Administration By Fellow UK Company For £210,00

Published

6 months ago

April 7, 2023

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CBD company CiiTECH has been sold to fellow UK-based cannabis company Tenacious Labs for £210,000.

In July 2021 CiiTECH raised £2.1m to fund its listing on the London Stock Exchange with a slated value of £17.5m.

However, after two loss-making years it fell into administration on October 22, 2022, and on February 16, this year, it was sold to Tenacious Halfway – a subsidiary of Tenacious Labs – for £210,000.

Administrators Leonard Curtis said it had received 46 expressions of interest in buying the assets of the business, which resulted in five offers with Tenacious making the highest bid.

Nick Morland, CEO and co-founder of Tenacious Labs, told Business of Cannabis: “CiiTECH was in the same situation as a couple of dozen good businesses. The irony is that they got hit the hardest as they were busy on the next step (an LSE listing).

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