Foot on the ladder: Alphagreen seeks crowdfunding success

By James Ridler contact

- Last updated on GMT

CBD marketplace start-up Alphagreen seeks £2m through crowdfunding
CBD marketplace start-up Alphagreen seeks £2m through crowdfunding

Related tags: Cbd, start-up

Cannabidiol (CBD) marketplace start-up Alphagreen has launched a crowdfunding campaign to secure £2m of investment to grow the business and expand its product range.

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 growth

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.

Related topics: Business Leaders

Related news

Show more

comments

Post your comment

We will not publish your email address on the website

These comments have not been moderated. You are encouraged to participate with comments that are relevant to our news stories. You should not post comments that are abusive, threatening, defamatory, misleading or invasive of privacy. For the full terms and conditions for commenting see clause 7 of our Terms and Conditions ‘Participating in Online Communities’. These terms may be updated from time to time, so please read them before posting a comment. Any comment that violates these terms may be removed in its entirety as we do not edit comments. If you wish to complain about a comment please use the "REPORT ABUSE" button or contact the editors.

Follow us

Products

View more

Webinars