Master Plant Holdings, an emerging player in the European cannabis industry, have been awarded a cannabis licence for research, development and manufacturing in Guernsey.
The licence, only the second issued by the Bailiwick of Guernsey, represents a major milestone for Master Plant and the UK cannabis industry. The company are now among a small handful of businesses in the UK and British Isles to be awarded the cannabis licence.
Master Plant is well placed to capitalise on the growing legal cannabis market in Europe, estimated to be valued at $13.4bn by 2027 by Market Data Forecasts. Master Plant has consolidated decades of research and development into its proprietary cannabis genetics bank, which provides diversity in major and minor cannabinoids, as well as other beneficial molecules that will contribute to a vast assortment of future products.
Master Plant Chairman and industry veteran, Len Werden (pictured), said: “Our legacy strains, with years of innovation and market penetration on the clock, give a substantial platform for launching premium products and developing further strains. It’s really encouraging to see investors focusing on genetics and quality these days. This is what the industry has traditionally taken pride in, rather than the huge projects that have frequently failed in recent years.”
Master Plant intends to retrofit its 60,000 sq ft greenhouse in Guernsey to build a world class cultivation and manufacturing facility with the intent of serving the legal cannabis market. The company will continue to focus on the further development of its genetics portfolio and the creation of highly controlled single-serve products, alongside its manufacturing, brand, and distribution capabilities.
CTO Phil Petelski, an industry veteran who has licenced and built eleven cannabis facilities in North America, said, “This is meaningful step for Master Plant and its investors. We would like to thank the Bailiwick of Guernsey Cannabis Agency and all parties that have supported us thus far. The European cannabis industry is full of promise and with our team’s extensive knowledge and experience from the North American markets, we have a great opportunity to create a major European entity with solid fundamentals.”
Master Plant, upon completion of investment, will begin the retrofit of its facility in Q2 of 2023, with a targeted completion date for early 2024.
