Food Manufacture spoke to chief executive and co-founder Alexej Pikovsky in the above exclusive podcast to discuss crowdfunding and the future of CBD food products in the UK.
Alphagreen said the cash injection would be used to grow its e-commerce and digital marketing operations, expand into new global territories and leverage its expertise of the sector to enter the medical cannabis market.
‘CBD here to stay’
Commenting on the business’s recent crowdfunding success, Pikovsky said: “The cannabis industry is here to stay. The global market is poised for a significant growth phase and Alphagreen is perfectly positioned to capitalise on the increased use of medicinal cannabis and fundamental changes to the way the cannabis and CBD market will function.”
Alphagreen is an online marketplace that allows producers to connect with consumers without having to go through a traditional retailer. Rather than taking inventory, products are supplied directly by the manufacturer.
Since its launch in October 2019, Alphagreen has grown its product listing to 150 brands and more than 2,500 products, including CBD edibles such as gummies.
Revenue grew from £23,562 in its second-quarter 2020 to £130k in the first quarter of 2021, representing a growth of more than 450% – ahead of estimated sector growth of 21.2%, according to market analyst Grand View Research.
Pikovsky added: “We are on track to finish off the year with close to a million pounds in sales and should see a huge jump in 2022 when our content-first strategy, together with our e-commerce market place, plus massive web traffic that any business would want to be part of, really kick in.”
Meanwhile, concessions enabling more CBD products to meet the Food Standards Agency’s novel food application deadline suggest the UK could be becoming a major player in cannabis edibles, according to law firm Fieldfisher.