TIDMVOY
RNS Number : 7762R
Voyager Life PLC
31 October 2023
31 October 2023
Voyager Life plc
("Voyager" or the "Company")
Operations Update
Voyager, the health and wellness group formulating,
manufacturing and supplying high-quality Cannabidiol (CBD), hemp
seed oil and hemp-related products, is pleased to provide the
following update on its operations.
Highlights:
-- Revenue for H1 2023 expected to be over GBP165,000
(GBP135,000 in the corresponding period last year)
-- Gross margin expected to be approximately 43 per cent. for
the half year (44 per cent. in the year ended 31 March 2023)
-- Application underway for ISO 22716:2007 accreditation, the
international standard for the Good Manufacturing Practices (GMP)
for cosmetics
-- Approval to manufacture food supplements
-- Two orders from key customer Jollyes since commencing supply to their stores in June 2023
-- One of the UK's best known retailers has confirmed that it will soon stock Voyager products
-- Manufacturing products for one of the UK's best known CBD
brands with two follow up orders already received
-- Approval to list Voyager's products at Debenhams (online)
-- Awarded Best CBD Products Retailer 2023 - UK by Global Health & Pharma
-- GBP3,000 grant from local authority to attend trade fairs
Nick Tulloch, Chief Executive Officer and Founder of Voyager,
said: "October has seen two notable interventions in the CBD
market, first from the FSA and then from the UK Government. As we
would expect to see in any fast growing market, regulators are
becoming more involved in the formulation of CBD and cannabinoid
products. At first glance, the new guidance from the FSA would
appear to limit the scope of the industry but, in fact, the effect
on our business in the two weeks since publication appears to be
positive. Our manufacturing division looks to be benefiting from an
increase in enquiries for topical products and our retail division,
if anything, has seen more demand. We cannot make a judgement in
such a short space of time but it is important to note that the
FSA's statement is guidance only and there is no requirement at
this time to re-label or remove products from shelves.
"Perhaps more interesting in the long term is the acceptance of
the ACMD recommendations by the UK Government. Voyager has long
supported a standardised cannabinoid testing protocol and what
appears to be a relaxation of the maximum cannabinoid content of
products will give manufacturers and retailers, both of which are
core to our operations, greater scope for product development.
"Our own business continues to develop at pace with significant
client wins in our manufacturing and wholesale divisions. Our
revenues in the first half of this year are showing a modest growth
on the corresponding period in 2022 and, as the predicted re-orders
from these new larger clients come through, we should be confident
of accelerating that growth through the remainder of our financial
year."
Manufacturing and Operational improvements
Voyager continues to draw attention from retailers and
wholesalers through the quality of its products and competitive
pricing model. In-house manufacturing has also been a key factor in
the Company's appeal with customers increasingly seeking a range
that is UK-made and formulated with natural ingredients.
The Group has recently moved premises to a new facility with
both an expanded manufacturing floor space and greater storage
capacity. This move has been the catalyst for the ISO 22716:2007
application, the international standard for Good Manufacturing
Practice (GMP) for cosmetics with guidelines for the production,
control, storage and shipment of cosmetic products. Since
commencing its manufacturing operations, Voyager has always sought
to be fully ISO 22716:2007 compliant as confirmation of this status
is an important factor for many customers and work is now underway
to achieve the full accreditation.
Alongside this, the Company sought and received approval from
its local Scottish council to commence manufacturing of edible
products (specifically CBD oils) to provide an extension of its
existing skincare plant-based health & wellness range both for
its own brand and also trade customers. The office move requires a
re-application to be made but, with a superior facility, this is
not considered by the Directors to be problematic.
The new facility is also more cost effective with a rent saving
of approximately GBP1,000 per month and further expected savings on
utilities due to the new building being more energy efficient.
With manufacturing now such an important part of Voyager's
growth plans, the Company has renamed its previously dormant 100%
owned subsidiary VoyagerCann Limited and, since 1 October 2023,
white label and private label customer business have been conducted
through this subsidiary.
Customers
To date, Voyager's most significant customer measured by number
of stores has been Jollyes, the out of town pet store with over 90
locations across the UK. Since June 2023, four of Voyager's pet
products have been available at Jollyes, both in store and online,
and in the two orders fulfilled so far Voyager has supplied Jollyes
with 6,000 products. Jollyes' distributor has commented on how well
Voyager's products are selling and has indicated that a third order
will made shortly.
In addition to this success, the Group has received confirmation
that it will soon be stocked in one of the UK's best known
retailers, marking a significant change in the scale of Voyager's
reach. Alongside that, recent pitches to other retailers have been
successful with the Company's application to be included on
Debenhams' website being one of the highlights. Voyager already has
a similar arrangement in place with The Range through which its
products, and particularly its pet products, have sold consistently
well so the Directors are optimistic that Debenhams will provide a
similar return.
Within its private label operations, Voyager recently started
manufacturing skincare products for one of the UK's best known CBD
brands. Early feedback from its customers has been encouraging and
the brand has since placed two follow on orders with Voyager within
a month of receiving delivery of the first.
Comment on the FSA's statement
On 12 October 2023, the FSA surprised much of the CBD industry
by updating its guidance on the recommended daily consumption of
CBD, reducing its previous recommendation from 70mg to 10mg.
Several CBD companies as well as the trade bodies for the industry,
the Cannabis Trades Association and the Association for the
Cannabinoid Industry, have already published responses and the
almost universal theme is concern over how this change will impact
the CBD industry and queries as to how this new guidance level was
determined.
Voyager's position is in line with other industry commentators
but the Directors in particular note that the FSA's statement is
guidance only and is aimed primarily at long term high-dose CBD
users. There is no requirement at this time to alter labels or
remove products from shelves. The core part of the FSA's
recommendation is that people who regularly take high quantities of
CBD should, periodically, take a break - a recommendation that
Voyager agrees with.
When compared to other commentators' stance on ingestible CBD
products, the FSA's guidance on daily intake is low. A recent
scientific study in the US, for example, suggested 100 - 160mg per
day was an acceptable amount of CBD for a person to consume each
day. Concerns regarding potential liver damage from CBD, as alluded
to by the FSA, also appear to be unsupported for users taking
moderate amounts of the cannabinoid. A previous study reported
that, of over 800 people who took 40 - 50mg of CBD per day, none
developed any symptoms. The fact remains that the incidence of side
effects or any adverse reaction from CBD is very unusual.
It is still early days but, so far, Voyager has seen no
deterioration in its business since the FSA published its statement
and, in fact, has been a beneficiary in a small number of cases.
Some larger retailers have removed certain stronger CBD products
from sale following the FSA's announcement and Voyager's shops have
subsequently served customers who had previously shopped
elsewhere.
Longer term, it is the Directors' belief that regulation of
ingestible CBD products will remain restrictive but that this will
encourage CBD companies, as well as other businesses seeking to
incorporate CBD into their range, to focus on topical and skincare
products -Voyager is already observing initial indications of this
trend. Thankfully, with Voyager being a specialist in topical and
skincare products there is reason to believe that demand for third
party manufacturing could rise in the coming months.
Comment on the UK government's recent statement on the
cannabinoid industry
Less than two weeks after the FSA's statement, the UK Government
issued its response to recommendations put to it by the ACMD (
Advisory Council on the Misuse of Drugs). The tone is different to
the tightening of restrictions implied by the FSA and some of the
key points are:
-- The Government is recognising consumer CBD products as a food
and so are distinguished from the provisions of the Misuse of Drugs
Act.
-- The Government will permit 50 micrograms of each
phytocannabinoid per serving (as compared to current legislation
that limits THC content to 1 milligram per container). What
constitutes a serving has not yet been defined but it is understood
that it may differ between products.
-- The Government supports the development of more accurate
testing for controlled phytocannabinoids to allow testing
capabilities to develop and be fully regulated. Standardised
protocols should be developed.
Voyager welcomes this response and the board believes that as
these recommendations become legislation it will allow a wider
spectrum of CBD consumer products than currently available on the
market. In particular, setting THC and other phytocannabinoid
levels in finished products should address existing uncertainty and
restrictions in both retail sales and the provision of financial
services to the CBD industry.
ENDS
Enquiries:
Voyager Life plc Tel: +44 (0) 1738 317
693
Nick Tulloch, CEO
http://voyagerlife.uk
nick@voyagerlife.uk
Cairn Financial Advisers LLP (AQSE Tel: +44 (0) 20 7213
Corporate Adviser) 0880
Ludovico Lazzaretti/Liam Murray
Stanford Capital Partners LLP (Broker)
Patrick Claridge +44 (0) 203 3650 3650
Bob Pountney +44 (0) 203 3650 3651
Notes to Editors:
About Voyager
Voyager was founded in 2020 and is based in Perth, Scotland. The
Company's primary objective is the formulation, manufacture and
supply of high quality CBD and hemp seed oil products although it
also produces several other complementary products, the majority of
which are manufactured from the hemp plant. Its product categories
include a pet range which has rapidly developed into one of the
Company's best sellers. The Company sells online, through third
party stores and in its own stores which are located in St Andrews,
Edinburgh and Dundee. The Company has two principal retail brands:
Voyager, focused on health & wellness and petcare, and Ascend
Skincare, its beauty range. Voyager products are currently
available from Cornwall to Shetland in online and brick-and-mortar
outlets.
The Company's philosophy of plant-based health and wellness is
embodied in its mission statement and hashtag of "Choose you". With
an experienced team and a product line created in line with the
UK's regulatory regime, Voyager aims to become the trusted brand in
this increasingly popular health and wellness space.
Through Voyager's bespoke skincare product creation and
development division , voyagerCann , the Company also offers a full
turnkey service to other CBD, skincare and cosmetics brands
assisting them in developing and launching new products with a
manufacturing and distribution facility in Scotland.
Website and social media links:
Voyager:
https://voyagercbd.com/
https://www.instagram.com/voyagercbd/
https://twitter.com/voyagercbd
https://www.linkedin.com/company/voyager-cbd/
https://www.facebook.com/voyagercbd/
voyagerCann:
https://voyagercann.com/
https://www.instagram.com/voyagercann/
https://twitter.com/voyagercann/
https://www.linkedin.com/company/voyagercann/
https://www.facebook.com/voyagercann/
Forward Looking Statements
These forward-looking statements are not historical facts but
rather are based on the Company's current expectations, estimates,
and projections about its industry; its beliefs; and assumptions.
Words such as 'anticipates,' 'expects,' 'intends,' 'plans,'
'believes,' 'seeks,' 'estimates,' and similar expressions are
intended to identify forward-looking statements. These statements
are not a guarantee of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which
are beyond the Company's control, are difficult to predict, and
could cause actual results to differ materially from those
expressed or forecasted in the forward-looking statements. The
Company cautions security holders and prospective security holders
not to place undue reliance on these forward-looking statements,
which reflect the view of the Company only as of the date of this
announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
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END
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October 31, 2023 03:00 ET (07:00 GMT)
Voyager Life (AQSE:VOY)
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