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UK CBD company Trip raises $12 million for expansion

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U.K.-based CBD company Trip said it raised $12 million in new funding from entrepreneurs, business leaders and other investors. Among the investors is Maria Raga, former CEO of London-based e-commerce company Depop, who said in a press release that the capital inflow will "continue to fuel the growth of the thriving TRIP group and deepen distribution in the U.S." Trip said it has an 88 percent market share of the U.K. CBD through distribution in more than 11,000 retail locations. The company cited Delaware-based Global Market Insights, which said the global CBD market reached $12.8 billion in 2021.

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