Business Irish

Saturday 19 October 2019

Dublin hemp company raises €150,000 through Linked Finance


Dublin hemp company owner Jim McDonald
Dublin hemp company owner Jim McDonald
Samantha McCaughren

Samantha McCaughren

The Hemp Company, based on Capel Street in Dublin, has raised a €150,000 loan from Linked Finance, the Irish peer-to-peer (P2P) lender.

Funds raised will be used to rebrand the business, upgrade the company's online shop, and purchase new software and hardware.

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The Hemp Company Dublin is a family-owned business and an early entrant into fast growing market. In recent years hemp products containing the compound CBD have grown in popularity and CBD has attracted some high-profile publicity.

Internationally, the global hemp market is forecast to be worth more than US$13bn by 2026.

Owned by Jim McDonald, the Capel Street store stocks high-quality CBD products including the company's own-brand CBD oil.

Linked Finance has provided over €38m 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 Linked Finance said: ''The purpose of our platform is to support great Irish businesses, like The Hemp Company, and provide them with access to funding so they can unlock the full potential of their business.

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

"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 €100m in funding to local businesses, and announced plans to double headcount, adding 25 new staff by the end of 2020.

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