Nick Tulloch

Founded by CEO Nick Tulloch in November 2020, the company aims to capitalise on the growth of the UK’s CBD market, which is projected to be worth more than £1 billion by 2025.

Voyager previously raised £874,000 through a crowdfunding campaign in February 2021, and raised a further £741,000 through a private fundraise in April 2021, including a commitment of £100,000 from Greencare Capital plc, the Aquis-listed investment company focused on medicinal cannabis and related areas.

Voyager has opened more than 20 new trading accounts with independent retail stores and chains in the last month, representing another potentially significant source of revenue for the firm which has, to date, relied largely on online sales through its own website and more than 20 third-party sites.

The company has also signed a lease on retail premises in St Andrews, which is due to open by early July 2021 and represents the company’s first foray into physical retail space.

Mr Tulloch said: “We are adopting a strictly professional approach to establishing the company and developing our business. CBD is a fast-growing industry so it should be no surprise that it will attract increasing attention from regulators.

“Mainstream retailers will, rightly, only deal with fully compliant businesses, so the strict governance framework we have established as part of the fabric of Voyager is a key element of our approach.

“We are realistic and do not expect overnight success, but I am encouraged by the pace of growth we have achieved in the last six months, both in terms of new distribution channels and sales, which gives the board confidence that this is an ideal time for us to be taking Voyager to the stock market.”

On 7 June 2021, the company re-registered as a PLC as part of its final preparations to list on AQSE. Jill Overland and Nikki Cooper have joined Voyager as non-executive directors, bringing significant experience to the board chaired by Eric Boyle.

Voyager raised investment from 295 crowdfunding investors via Seedrs earlier in 2021 and has worked with Seedrs to allow those investors to participate in Voyager’s IPO.

Mr Tulloch said: “IPOs have often excluded retail investors, but it was important to Voyager to recognise the support of the Seedrs investors and to find a way for them to participate. The Seedrs platform provides a solution to make this possible.”

Kirsty Grant, Seedrs’ chief investment officer, said: “Seedrs is the only crowdfunding platform in the UK to have allowed retail investors access to IPOs and public company fundraises and we’re delighted to be working again with Voyager to invite both the Company’s existing investors and their followers into the IPO.”