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  • Northside West

City hemp business secures funding

Saturday, 27th July, 2019 9:00am
City hemp business secures funding

Jim McDonald, CEO of The Hemp Company.

City hemp business secures funding

Jim McDonald, CEO of The Hemp Company.

A NORTHSIDE based business that specialises in selling hemp products has raised a €150,000 loan through peer-to-peer (P2P) lending.

The Hemp Company, located on Capel Street, raised the funds from Linked Finance, a service that matches private lenders with borrowers.

The company, which promotes and supplies products derived from, and related to, the hemp plant will use the funds to rebrand, improve its online shop and purchase new software and hardware.

On a global scale, the industrial hemp sector is thriving, with new opportunities for investors in business development all along the value chain. 

The Hemp Company Dublin, now in its 20th year, is a family-owned business and was an early entrant into what is now a dynamic emerging market.

In recent years hemp products containing the compound CBD have grown in popularity and stories have gained the public’s attention.

The Capel Street store stocks high-quality CBD products including their own-brand CBD oil. 

Owner Jim McDonald is a passionate advocate for the development of the industry in Ireland and he spoke about how the finance was raised.

“I had no idea what P2P lending was or how it worked,” he said.

“Within minutes Linked Finance assigned me a dedicated account manager, my business case was written, and my loan funded by their lenders and ready for drawn down within three days.

“It turns out people power was the perfect funding solution for Hemp Company.”

Linked Finance has now provided more than €38million to over 800 companies in Dublin since its launch. Other companies in Dublin it has provided loans to include Rathcoole-based printing house Quantum Fulfilment and gourmet eatery Lolly and Cooks.

Niall Dorrian, CEO pf Linked Finance said the platform’s purpose is to support Irish businesses, like The Hemp Company.

“The Hemp Company is exactly the kind of hungry, innovative and rare Irish business that Linked Finance investors love to support,” he said.

“The drive of Irish SMEs and their dedication to achieving their targets is essential to the continued growth of the Irish economy.”

Linked Finance recently reached the milestone of having issued over €100 million in funding to local businesses since its launch in 2013, and it recently announced plans to add 25 new staff by the end of 2020.

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