Australian pharmaceutical and healthcare company Bioxyne, via its subsidiary Breathe Life Sciences UK, has secured about £850,000 (A$1.7 million) in funding commitments from South of Scotland Enterprise (SOSE) to fit out and establish a medicinal cannabis manufacturing and distribution facility in the UK.
Bioxyne manufactures and distributes novel medicines, health products and active pharmaceutical ingredients, including medicinal cannabis, MDMA and psilocybin.
The company has targeted the UK as it is currently the second-largest medicinal cannabis market in Europe after Germany. UK patients had an estimated average annual spend of about £3,261 (€3,811) on medicinal cannabis in 2024, compared with around £1,342 (€1,563) per patient in Germany. The package with BLSUK comprises a five-year, £500,000 loan facility and a grant of £348,250 from SOSE.
"We are confident that the UK market, which is seeing tremendous year-over-year growth, will underpin the company's continuous growth trajectory. Existing manufacturing infrastructure in UK is insufficient to keep up with local demand, and that's an opportunity for BLSUK to enter and grow with the market," Bioxyne CEO Sam Watson said.
"BLSUK has a growing UK customer base; establishing our UK facility is critical to offering clients our renowned quality and service levels, and replicating our Australian success internationally."
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