UK government fund invests in cannabis oil company and London microbrewery

theguardian.com:

The UK government has become a shareholder in a cannabis oil company, a yoghurt bar business, a London-based craft brewery and a maker of land, underwater and air drones that “take inspiration from the clever tricks that animals use to move”.

The taxpayer-backed British Business Bank’s Future Fund, set up by the government to provide loans to startups during the pandemic, announced investments in another 75 companies on Thursday including a stake in a yacht charter business, a virtual reality games developer and a cancer treatment firm.

The fund, originally pitched as a way for the government to support innovative companies that may have struggled to secure money during the pandemic, now has an equity stake in 335 businesses.

The latest round of investments include Grass & Co – the maker of cannabidiol (CBD) products using chemicals found in hemp, founded by brothers Ben and Tom Grass in 2019 – which is stocked in stores including Selfridges and Boots.

Other new investments revealed by the fund include Nordic yoghurt bar maker Yaar, manless-drone company Animal Dynamics, yacht charter firm Borrow a Boat, London-based cancer treatment business Epsilogen, Gipsy Hill Brewing company and virtual games maker nDreams.

“The Future Fund was created to increase the flow of capital to companies at the height of the pandemic, while ensuring long-term value for the UK taxpayer,” said Ken Cooper, managing director of venture solutions at British Business Bank. “We’re delighted to see this flow of companies going on to raise further private sector capital. As a shareholder in these businesses, the Future Fund is well positioned to share in the benefits of continued growth.”

In total, the government has spent about £1.14bn supporting 1,190