Voyager Life PLC (AQSE:VOY) said it has opened its first retail store selling cannabidiol (CBD) and hemp products in St Andrews in Scotland.
The company said the 655 square foot store will sell and range of CBD and hemp products, many exclusive to the store, as well as high-quality takeaway coffees and teas to which customers will have the option to add CBD. Voyager added that since opening its doors on July 31, the store had traded profitably.
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Meanwhile, the firm said that it has expanded its product range by adding six new CBD products, all of which are available at the St Andrews store and will shortly be available on its sales website, while seven CBD products are in the final phase of manufacturing and will be released in the coming weeks.
Voyager added that it is experiencing “strong retail momentum” having recently entered into a distribution agreement with the D. Atkinson Herbalist & Clinic, Scotland’s oldest herbalist trading under the Napiers brand, which will stock the company’s full CBD and hemp products range as part of an exclusive deal that covers Edinburgh for an initial three months.
The company also said that in line with the positive take up of its products in third party stores it has increased its sales capabilities by hiring additional sales staff and continuing to develop relationships with third party distributors.
“Opening our first physical retail premises in a prime location is an important milestone for the Company. It complements both our existing online sales presence and our growing number of trade accounts, and we are confident our St Andrews operation will serve as a useful blueprint for future moves in this space. Although it is early days, the store traded strongly and profitably from the start, supporting our belief that the UK high streets are under-served by high quality CBD sales outlets”, Voyager founder and chief executive Nick Tulloch said in a statement.
“As well as the new ability to reach a strong customer base directly through our own store, the new strategic partnership agreed with D. Atkinson Herbalist & Clinic underlines the significant appetite for our products. Our alignment with this well renowned Edinburgh business is a strong endorsement and we are working hard to secure further deals of this type as part of our ambitious growth strategy. We were clear to investors at the time of our IPO that our immediate plans were to establish a platform from which to accelerate the Company’s development after the holiday months. With our new store, distribution partnerships, growing product range and extended sales team, we have put that platform in place and we look forward to providing further updates”, the CEO added.
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