After announcing a rise in revenue due to ‘covanxiety,’ a company formed by two Scottish rugby internationals to offer an alternative to conventional painkillers secured the first outside investor.
An undisclosed sum has been invested in Pure Sport CBD by Alex Stewart, a founding partner of Clyde Blowers Capital. The company is valued at £ 2.8 million.
Former Glasgow Warriors teammates Grayson Hart and Adam Ashe created Pure Sport CBD last year and offers cannabidiol products to improve recovery from injury, alleviate anxiety and encourage sleep, the latter of which is in higher demand at a time of growing economic uncertainty.
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Originally designed to help fellow athletes cope with high-performance competition stress and pressure, Pure Sport CBD records a surge of interest among those trying to control anxiety in the midst of the pandemic of coronavirus. The business has seen a 30 percent rise in website hits and a nearly 25 percent spike in revenue, as restrictions have tightened in recent weeks.
Compared to February of this year, revenue more than quadrupled in September before the lockout began.
The investment made by Mr. Stewart would allow Pure Sport CBD to produce more products to meet rising demand and improve global marketing.
“Whether people are afraid for health reasons or livelihood reasons or both, more people are experiencing some level of anxiety right now, especially given that many are forced to live without their usual support network and without friends and family,” Mr. Hart said.
“As a result, people are looking for other solutions to calm raging tempers and cure insomnia. We believe the product can do tremendous good in the world, and it feels incredibly valuable that it’s helping at a time when people really, really need it.”
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While the company has been going for nearly two years, since his departure from the Warriors was announced early last month, Mr. Ashe has only recently been able to publicly promote it. On players promoting those types of items, the club has a blanket ban.
Cannabidiol (CBD) is a cannabis chemical that does not contain THC, the psychoactive compound that gets “high.” in users.
CBD is used by professional rugby players such as Jerome Kaino of the All Blacks, Rhys Webb of Wales and Scotland star Finn Russell. Market research from the Brightfield Group predicts that by 2023, the European CBD market will rise to nearly £ 1.4 billion.
“CBD is still largely unregulated in the U.K., so there are a lot of products that are not optimal, weak or contaminated and far from medical grade,” said Hart. “We want to convince the world that there is a safe natural solution to help people feel better and live better – that’s why we only sell the most rigorously tested, high-quality, natural products.”