Local experts help to launch regulated medicinal drugs fund
LOCAL experts have secured a first with a new fund.
Imperium Fund Services assisted Leafy Tunnel, a UK fund manager, with the launch of its regulated medicinal cannabis and psychedelics fund in Guernsey.
Law firm Carey Olsen’s Guernsey corporate team worked alongside Imperium and advised Leafy Tunnel.
Leafy Tunnel Fund 1, LP will target investments in businesses and teams that aim to maximise the potential of alternative medicine with a focus on providing relief from pain, physical and mental disabilities while improving the quality of life for both patients and their families.
Primarily focused on the European market, Leafy Tunnel has started building a portfolio of companies that it hopes will lead, legitimise and form the future of cannabis and psychedelics in the medical industry.
‘Medical cannabis and psychedelics are being increasingly recognised for their superior safety and efficacy compared to conventional pharmaceuticals. The Leafy Tunnel Fund has embarked on the mission to address these urgent health care challenges and rally investors looking to capitalise on financial opportunities these medicines hold,’ said co-founding partner of Leafy Tunnel Nikolay Tretiyakov.
Bek Muslimov, co-founding partner of Leafy Tunnel, said Imperium had provided invaluable support as fund administrator while Carey Olsen had been instrumental as Guernsey-based legal counsel of the fund.
‘We are proud to be the first-ever fund of this nature in Guernsey and believe this jurisdiction will play a vital role in facilitating the growth of medical cannabis and psychedelic medicine soon,’ he added.
Barry McClay, managing director of Imperium Fund Services, said: ‘The wider finance industry is quickly adapting to welcome new assets classes such as this and we are pleased that Guernsey can be a part of that.’
Carey Olsen corporate partner Tom Carey led the law firm’s team on all Guernsey-related aspects of the fund’s establishment and regulatory approval. ‘This launch demonstrates that Guernsey is well equipped to service innovative asset classes, such as this rapidly growing sector,’ he said.
Carey Olsen also worked alongside onshore counsel DLA Piper UK LLP.
