Memery Crystal have advised Northern Leaf on its £14m raise via an issue of Convertible Loan Notes.
The CLN issue was heavily oversubscribed based on the initial target raise of £5m, resulting in the investment being significantly upsized.
Northern Leaf was awarded a license to cultivate hemp in October 2019, followed by a licence to cultivate medical cannabis in December 2020. The capital raised will be used to make final improvements to Northern Leaf’s current 75,000 sq. ft. facility to ensure it receives both EU-GMP (Good Manufacturing Practice) and GACP (Good Agricultural and Collection Practice) qualifications. In addition, Northern Leaf will accelerate its capital expenditure program into extraction, manufacturing and formulation equipment and explore strategic partnerships.
The Memery Crystal team on this deal was led by our CEO and head of the cannabis team Nick Davis (Picture) and included senior associate Karen O’Grady. Mayfair-based Chrystal Capital Cannabis Advisory provided exclusive corporate finance advise on the deal.
Law Firms: Memery Crystal;
Clients: Northern Leaf;