London-based Lyphe Group, a medical cannabis ecosystem providing patient care, direct-2-payient digital services and medical treatments has closed £5 million in Series A funding. The investment round was led by early-stage venture capital fund Leafy Tunnel, which focuses on European medical cannabis and global medical psychedelics opportunities.
Series A investment
Furthermore, the investment round saw participation from Chicago-based cannabis advisory firm, Sharp Capital Advisors, and a syndicate of HNW investors. The proceeds of this round will be used by Lyphe Group to expand into multiple markets across Europe with Lyphe’s proprietary dispensing software and vertically integrated supply chain.
Lyphe CEO and Co-founder, Jonathan Nadler said of the recent financing, “It was critical for Lyphe to raise enough funds to execute on our scale-up plans and be in control of our destiny. We are fortunate to be leaders in our primary market with a very clear growth plan, and as such we have attracted the very best investors into this round from US, Europe and UK. Leafy Tunnel sees us step into venture capital, and we are honoured to have them on the cap table and supporting our vision for international growth, alongside Sharp Capital and all other new and old shareholders.”
Bek Muslimov, Co-Founding Partner at Leafy Tunnel said, “Leafy Tunnel is thrilled to support Lyphe as one of the company’s investors. We strongly believe that the company is well-positioned to continue its growth as a market leader in medical cannabis in the UK and Europe. This is an important milestone, which we are excited to contribute to, as these funds should help to further accelerate the company’s expansion strategy across Europe. We are fully aligned with the company’s roadmap towards securing a leading market position in Europe and look forward to supporting the management in achieving Lyphe Group’s next milestones.”
Appoints new team and board members
The financing round coincides with some group changes to the leadership team and board at Lyphe. Independent Non-Executive Chairman and Pharmaceutical veteran Brian Fisher takes up his position on Lyphe’s board alongside his role as Vice Chair of The Association of Pharmaceutical Specials Manufacturing, having held senior positions with Quantum, Alliance Healthcare and AAH.
Newly appointed CEO, Jonathan Nadler has been influential in establishing the foundations of the UK medical cannabis industry, and since co-founding Lyphe, has dedicated his life to building access and demand. He shares the board with Mr Fisher alongside the other Executive Team, James Scarth and Chris Ashton, as well as Non-Executive Directors Simon Lawley, Brad Morris, and Sarah Cope.
Massive growth!
Founded in 2018 by Dean Friday and Jonathan Nadler, Lyphe Group is a patient-first cannabis access company, dedicated to bringing medical cannabis treatments to patients through its operating companies – The Medical Cannabis Clinics, The Academy of Medical Cannabis, Astral Healthcare and Dispensary Green. It is trusted by regulators, Governments, the public and partners to open up access to medical cannabis for patients across the world.
The company witnessed a successful year in 2021, wherein its revenue increased by more than 250% y-o-y. With more than 100 team members working across telehealth, dispensing and technology services, it is fast becoming the largest medical cannabis operator in Europe.
