TTS Pharma Secures £10.3M Series B Funding to Advance Medical Cannabis Product Development

VCBeat (WeChat ID: vcbeat) has learned that on May 23, 2019, cannabis company TTS Pharma announced the completion of a £10.3 million Series B financing round. The funds will be used to expand the company’s product supply chain, develop equipment, and further strengthen its partnerships with academic organizations and commercial institutions, thereby positioning it as one of the leading companies in the global cannabis industry.

TTS Pharma, established in late 2012 and headquartered in Liverpool, UK, is a vertically integrated company dedicated to producing high-quality, compliant, and safe cannabis products. Its cannabis-based products serve the food, cosmetics, and healthcare markets. The company boasts strong core competencies in cannabinoid extraction, separation, purification, manufacturing, and drug delivery, supported by long-standing and stable partnerships.

TTS Pharma’s cannabis products comply with EU standards and are free from hydrocarbons, pesticides, and other impurities. The company aims to develop licensed drugs in the future using transdermal, oral, and inhalation technologies through its three core drug delivery platforms.

According to Crunchbase, TTS Pharma has completed two rounds of financing since its inception. In December 2012, the company secured £550,000 in venture capital funding.

Concurrent with the completion of its financing round, TTS Pharma announced the appointment of Paul Atherton as Executive Chairman of the Board. Mr. Atherton stated, “TTS Pharma’s existing technologies enable the development and production of new products for the rapidly expanding legal cannabis industry. I will leverage the company’s cost and scale advantages to drive its robust growth.”

It is understood that Paul Atherton previously served as Chief Executive Officer and Chief Financial Officer of Heritage Oil Limited, one of the largest oil and gas companies listed on the London Stock Exchange. During his tenure, he executed substantial financing and merger-and-acquisition transactions, delivering significant returns to shareholders.

Mark Tucker, CEO of TTS Pharma, stated: “TTS Pharma is a specialized pharmaceutical company with industry-leading expertise. Moving forward, the Company will continue to develop and manufacture a range of novel, safe cannabis products within the scope permitted by legal and regulatory authorities.”

(Compiled by Jiao Yanli)