(Alliance News) - JLEN Environmental Assets Group Ltd on Wednesday said it is investing GBP26.7 million in a glasshouse project, which will initially focus on growing cannabis for medical purposes.
The environmental infrastructure investment fund said a 2.1 hectare glasshouse will be built in the UK, close to one of the firm's anaerobic digestion plants. It added that the existing plant will "be upgraded to supply low carbon heat and power to the glasshouse via a private wire".
The London-based company said it expects the glasshouse to start production in 2023 and will be suited for a plethora of agricultural produce such as consumable crops and cut flowers.
JLEN explained that the initial focus will be on the "heavily regulated" tetrahydrocannabinol flower to supply UK-based pharmaceutical manufacturers.
"This will generate new diversified revenue streams for JLEN derived from glasshouses, whilst increasing revenues from an existing asset," the company said.
JLEN Environmental Assets shares were 0.8% higher at 130.48 pence each in London on Wednesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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