‘Rapid growth’ of CBD market reported

Labs managing director John Wallace and staff
Labs managing director John Wallace and staff
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Mile High Labs International Limited has reported a period of rapid growth since it opened its European headquarters in Belfast, in March.

The company now employs 23 staff, with 15 based at the Belfast office and eight in London.

The company, which began in 2016 with just one employee, now employs over 200 in Colorado.

John Wallace, Managing Director and Head of Operations at Mile High Labs International, says the company is benefiting from a “rapidly expanding market coupled with a growing reputation for quality and high manufacturing standard”.

He added: “We’re delighted to announce our expansion after our first six months of trading here in the UK. When we established our Belfast operation, we knew that we had a quality product and that the market in the UK and Europe was growing.

“However, even we have been surprised by the speed of our growth both in terms of sales and in personnel.

“Our manufacturing processes, our investment in regulatory adherence and our industry changing levels of customer service are standing us in good stead, and I would like to personally thank those who have supported us in our formative times.”

CBD is the non-psychoactive element of the cannabis plant, while isolate refers to its purified form.

CBD remains legal in the UK so long as it does not contain THC, the component which produces the cannabis “high.”

According to the Brightfield Group, the CBD market is projected to reach $22 billion by 2022.

Market research commissioned by the Centre for Medicinal Cannabis in London estimates that the CBD market is currently one of the fastest growing wellbeing product categories in the UK.

At the current rate, projections estimate that it will be worth almost £1bn per annum by 2025, equivalent in size to the current entire UK herbal supplement market.

Mile High Labs is a large-scale CBD ingredient and product manufacturer offering reliable delivery of bulk CBD and private label services to the world’s leading consumer brands with a GMP-certified facility and extensive network of contracted cultivators.