Your latest cannabis business info from Europe

Your latest cannabis business info from Europe

2024-01-11

Lyphe Group: CEO announces successful sale

Lyphe Group: CEO announces successful sale

In a recent announcement in social media, the CEO of Lyphe Group shared that the company, along with its operating subsidiaries in the UK and Australia, has successfully completed its sale. This milestone represents a significant step forward for Lyphe, marking the realisation of its full potential despite facing various challenges along the way.

Lyphe Group is a pioneering force in the UK’s medical cannabis sector. It boasts a vertically integrated approach that encompasses product manufacturing, clinical care, pharmacy dispensing, and doctor education. The company’s distinct strategy consists of a direct-to-patient model and a strong reliance on technology. It has positioned Lyphe as the market’s leading player, commanding an impressive 30% share of all patients. Lyphe Group has recently expanded its reach to the Australian market, demonstrating an intent to replicate its successful operational model in this new geographical domain.

CEO’s reflections on achievements

Upon taking the helm as CEO almost a year ago, the CEO outlined a clear mandate to navigate the company towards profitability and strengthen its market share in an increasingly competitive environment. Despite initial challenges and the demanding task of juggling responsibilities from a previous role, the CEO expressed dedication to meeting these objectives.

Acknowledging the remarkable talents within the 80-person team and the diverse skill sets across various aspects of the business, including clinics, online pharmacy, operations, supply chain, and the medical workforce, the CEO and the team set a determined vision for the year. Together, they focused on rebuilding trust in Lyphe’s services and products among patients.

The CEO reflected on the gruelling year, highlighting the team’s resilience and motivation. The group faced setbacks head-on, engaged in late-night problem-solving calls, and consistently encouraged innovative thinking. By the fourth quarter, their efforts resulted in the highest-ever revenue growth. Moreover, there was an impressive 72% improvement in EBITDA. The CEO expressed extraordinary pride in the team’s dedication and hard work, which contributed to these substantial achievements.

Future of Lyphe Group

With the sale completed, the CEO is now passing the reins to the new ownership. He is expressing confidence in the strong business plan that is expected to build on the positive trajectory of 2023. As the CEO takes some well-deserved time off to catch their breath, there’s anticipation and curiosity about the future of Lyphe under new leadership and the continued contributions of the dedicated team.

The CEO concluded by expressing excitement about the potential of this special company. He also mentioned the talented individuals who contribute to company’s success. The announcement marks the end of one chapter for Lyphe Group. However, it is also the beginning of an exciting new phase under new ownership.

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