Pharmaceutical firm Rokshaw has been acquired by a European medical cannabis business that intends to import the drug to the UK.
EMMAC Life Sciences Ltd has acquired the Sunderland firm for an undisclosed sum in an effort to boost its UK operations.
The move also gives EMMAC a destination to send its cannabis products, which it intends to export to the UK. The firm said Rokshaw’s labs would allow it to meet the growing demand for “premium medical cannabis products” in the UK.
Antonio Costanzo, CEO of EMMAC, said: “We are delighted to announce the acquisition of Rokshaw today. This investment not only brings with it an immediate revenue stream but also provides EMMAC instant access to the UK medical cannabis market with the opportunity to grow the existing 45 people-strong team into a centre of medical cannabis excellence for the UK.
“Joining us are the two founders of Rokshaw, Jonathan and Richard Hodgson, who have significant and relevant experience of working in this highly regulated industry as well as a proven track record of delivering high quality product.”
Rokshaw was founded in 2012 by the Hodgson brothers and the company now manufactures a range of specials medications - bespoke drugs for individual patients.
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Jonathan and Richard Hodgson, co-founders of Rokshaw, said: “We are really pleased to have joined EMMAC at this exciting stage of its corporate development as we share its vision of becoming the leading European independent medical cannabis company.
“We are confident that the team here at Rokshaw can play an important role in EMMAC achieving its goal through the provision of high-quality product and services to patients across the UK, and by unlocking the potential for the medical cannabis market to meet growing clinician and patient demand.”
Over the last few years the Rokshaw has gained a number of licences that will allow it to remain compliant when importing and manufacturing cannabis-based drugs in the UK. The company is now looking to gain further licences to allow it carry out more detailed research into the benefits of cannabis drugs.
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In September 2018 Rokshaw secured £350,000 investment to allow it to scale up its operations.
The investment was secured from the North East investment programme, supported by the European Regional Development Fund.
