Long-time professional rugby players, George Kruis and Dominic Day saw an opportunity when the UK legalized medical cannabis in 2018, to give back to the community that has sustained and nurtured them both.
While realizing the potential of medical cannabis, the duo was also mindful of the harmful pervasiveness fo opioid use in rugby, and eventually, they founded fourfivecbd. The company was launched on January 1, 2019, offering an array of CBD products as natural alternatives to athletes suffering from aches, pains, and injuries.
Headquartered outside London, the company generated annual revenue of “Single-digit millions (in pounds), enjoying steady growth of 15 to 20% every month. The estimated revenue at the end of 2020 looks even better – “double-digit millions”. Currently, the brand has secured about 500,000 pounds in funding and is working towards raising another 500,000 to 600,000 pounds.
Despite the growth of fourfivecbd and its increasing revenue month by month, it hasn’t been all smooth sailing. The nascent medical cannabis market in the UK is still in flux and it hasn’t been easy for patients to get access to medical prescriptions.
In fact, Dominic admits that he and Kruis had to face several challenges while building up their business in the medical cannabis industry. He said they were even ill versed when it came to simple branding. However, experts were able to get them back on track.
Furthermore, Day, a Welsh native talked about the travails and triumphs of launching a CBD business. Day also discussed an exciting development that will push his business from an online operation into brick and mortar stores. Their target customers involve athletes or anyone who wants to stay healthy and active.
Not just limited to sports, Day said that they realize a lot of people work 9 to 5 jobs or want to go for a jog after a long workday or simply play squash, and their product is created to cater to this audience – who wants to stay active.
Currently, the brand operates online, however they have recently signed a deal with one of the major pharmacies in the UK. Day said they will be going to the retail market in 100 stores soon, which is quite brilliant. When it comes to retail, their target market is sports clubs, health markets, and pharmacies.
Fourfivecbd is a bootstrapped startup- the duo funded it completely by themselves. But there has been a lot of interest from Canadian and North American companies. The company plans to use this to move into bigger retail. Day added that they have also had interest from Canadian and U.S. venture capitalists. However, they have been quite fortunate with great angel investors and London businessmen who have been quite impressed with their growth and branding.
In a soon-to-be saturated cannabis market in the UK, fourfivecbd strives to set itself apart by providing high-quality products that are rigorously tested to comply with safety guidelines. Additionally, the power behind the brand story is really compelling, and these are products that have genuinely worked for them, said Day.
He also added that they want to offer a valuable and safe product to athletes and everyone that wishes to live a healthy and active life. When they say they are offering CBD oil, the bottle does contain CBD and not just oil, unlike the bluff products from other companies that contain a negligible amount of CBD or have a high concentration of THC.
To ensure their products are safe and pure, they test all of them twice with a third party. Some of the products are even tested three times. Since the target audience for the brand consists of athletes, Day and Kruis have been paying a lot of attention to what could make an athlete fail a drug test and how they can avoid it. If any of the levels are incorrect, then they immediately send their products back and have them remade to ensure each batch is correct and compliant.
As far as the complete legalization of medical cannabis goes in the UK, Day said they can easily imagine five to ten years out to see it. Day and Kruis have high hopes from CBD and believe that the UK will completely legalize medical cannabis with time as there are many people who can benefit from it.