City AM reports
After losing his sister to cancer and his best man to an opioid addiction, Canada-born, London-based Michael Walker felt he should explore alternative healthcare options so not to rely on Big Pharma.
The former head of marketing at Heathrow Express left the advertising industry in 2016 to set up his own company, the Purity Wellness Group, which trades as the Purity Hemp Company.
The business utilises cannabinoid components like CBD and is one of first CBD companies to eye a listing on the London Stock Exchange. Walker feels now is the right time as shifting social attitudes are driving changes in market regulation and legislation.
However, due to the lack of regulation in the emerging market, companies can sell CBD products of low quality which leaves consumers out of pocket.
“Our company was solely based on helping people get the truth, the facts and the information about how it can help us,” Walker explained. “We wanted to be a business that was compliant, that was registered in the UK, that was paying VAT and we wanted to have an import-export license.”
“None of this was available here in the UK. It was just very difficult to find products that were of any quality,” he sighed.
“They’ve been waiting for this novel food regulation to come through which we’ve got all of our products listed in,” Walker said.
He expects there will be “a tsunami of companies” coming across globally into the UK to see how they can buy their way into the market.
“So ethical brands with a premium product become a very big acquisition for companies that don’t have the experience in growing, cultivating, harvesting or selling. Our position has been phenomenally affected with this.”