A Stockport supplier of CBD infused spirits has smashed its six-figure crowdfunding target as it plans to expand overseas, scale-up production and develop new drinks.
Strangeways Beers and Spirits, which was established by Paul Hesketh in 2019, has so far raised almost £150,000 through 75 investors on Seedrs.
The company's campaign still has nearly a month still to run while its original fundraising target had been £120,000.
READ MORE: Crowdfunding success for CBD-infused vegan, carbon neutral and plastic free craft brewery
The business produces a range of gin, rum and vodka products and is aiming to be recognised as a "pioneer of CBD infused alcoholic beverages whilst highlighting many of the acclaimed benefits of cannabidiol hemp-based products".
Strangeways has supplier deals with Tesco, Morrisons and Aldi and is set to launch 'ready to drink cans' in the coming weeks.
According to its Seedrs page, the business will use the extra funds to promote and expand its national distribution network, continue to build a "substantial" online and social media presence as well as develop its overseas markets.
The company is also aiming to scale-up its current production and develop new products.
Wine expert Oz Clarke, who joined the company earlier this year, is best known for his books, radio and TV shows.
A statement on the firm's Seedrs page said: "Distilled in the heart of Manchester, we are the UK’s premier supplier of CBD infused spirits.
"Using natural CBD from UK certified suppliers, we produce a range of spirits gin, rum and vodka’ of quality and distinction.
"One of the company’s objectives is to be recognised as a pioneer of CBD infused alcoholic beverages whilst highlighting many of the acclaimed benefits of cannabidiol hemp-based products.
"There is a global boom in the sale of CBD products, with the UK market alone expecting to be worth over £1bn within the next four years.
"This boom is being fuelled by both the Millennials (23–38-year-olds) and Generation X (41–56-year-olds) who demand ever more choice and quality in their purchases.
"Our novel foods license positions the company with a potentially unique opportunity to establish its range of spirits across the UK and global CBD drinks market."
