Jazz Pharmaceuticals to Invest $100 Million in UK Cannabis Farm
Irish pharmaceutical company Jazz Pharmaceuticals is set to invest $100 million (9.8 billion rubles) in the construction of a cannabis farm at the Kent Science Park (KSP), located in the industrial town of Sittingbourne, United Kingdom.
Cannabis Cultivation to Begin in 2024
The new cannabis cultivation facility will be environmentally friendly. First, the site will include shelters for wild animals, providing them with safe spaces to hide and raise their young. Second, the farm will limit the use of plastic materials. Third, 1,100 solar panels will be installed on the building’s roof to supply the facility with electricity.
After construction is completed in 2024, the farm will begin growing cannabis indoors on an area of 5,574 square meters. Jazz Pharmaceuticals plans to create over 100 new jobs and contribute to the region’s economic development.
Comments from UK Officials
George Freeman, Parliamentary Under Secretary of State for Science, Research and Innovation, commented on the project: “Jazz Pharmaceuticals’ investment demonstrates the company’s confidence in the high potential of the UK’s scientific ecosystem. This project will not only create more than 100 highly skilled jobs but will also strengthen the UK’s position in cannabinoid science.”
Medicines to Be Produced from Cannabis
Jazz Pharmaceuticals currently owns 12 buildings at KSP, where cannabis is cultivated and processed. However, existing production capacity is insufficient to meet the high demand for cannabinoid-based medicines, prompting the company to build a large-scale cannabis farm.
Last year, Jazz Pharmaceuticals acquired GW Pharmaceuticals for a record $7.2 billion (709 billion rubles), the largest deal in the UK pharmaceutical market. GW Pharmaceuticals produces “Epidiolex,” a CBD-based medication for epilepsy, and “Sativex,” an oral spray containing both THC and CBD, used to treat symptoms of multiple sclerosis.
Sales Growth of Cannabis-Based Medicines
GW Pharmaceuticals has not yet published its financial report for 2021, but in 2020, sales of cannabis-based medicines increased by 69% compared to 2019, reaching $572.2 million (56.3 billion rubles). Sales of “Epidiolex” generated $510.5 million (50.2 billion rubles), while revenue from “Sativex” amounted to $16.7 million (1.6 billion rubles).