Rapid growth in the twin markets of vaping and cannabis oil has seen UK and international retailer JM Wholesale move to major new premises in Leicester.
Having outgrown its original city centre premises, the company has taken over 50,000 square foot premises in Whetstone, on the city’s fringe.
The site will include offices and warehouses, as well as a clean room, production facilities, a showroom and a conference room, in a six-figure investment by JM Wholesale on the fit-out.
Logie Rajan, CEO of JM Wholesale, said the new premises will last the company for another decade as he predicted ongoing growth for the business.
For now, the warehouse and offices will house 40 staff covering management, operations and product research and design. However the move also coincides with a recruitment drive which will see JM Wholesale take on a further 30 staff over coming months.
Logie said: “This move reflects our rapid expansion and our growth to take our position as one of the most prominent wholesalers in our industry.
“Specialists in business-to-business supplies, we are carving out a unique position in the vaping and CBD market.
“It’s an exciting time for everyone at the company and, on an individual note, I’m delighted to be able to supply employment and career development opportunities at a time when we’re all recovering from a difficult period in our professional and personal lives.”
Figures from Statista suggest that in 2019, the vape market in the United Kingdom generated a revenue of an estimated 2.8 billion US dollars, a figure which is set to rise to roughly 3.9 billion US dollars in 2023.
CBD use in the UK, meanwhile, has skyrocketed. In 2018, only around 250,000 Britons reported using CBD products. This was a time when the local market was largely unregulated, and CBD oil was all lumped under the label of “cannabis oil”.
Fast forward three short years, and the grass has grown immensely greener. The UK’s CBD market is currently the second largest in the world, surpassing other countries where CBD has been legal for longer. In 2020, 8.4 million people had consumed CBD products, or planned to.
Logie said: “We now have all the facilities necessary to become the leader in our field, with lab testing facilities and the ability to carry out cutting-edge research and development.
“So as the CBD and vape industry continues to grow, as the public loses its inhibitions about the products we serve and as CBD use in particular becomes a more accepted method of treating medical and mental health problems, we’re in a great position to expand further.”