Voyager Life PLC Operational update (8864K)

TIDMVOY

RNS Number : 8864K

Voyager Life PLC

07 September 2021

7 September 2021

Voyager Life plc

("Voyager" or the "Company")

Operational update

Voyager, the health and wellness company established to supply high-quality Cannabidiol (CBD) and hemp seed oil products , is pleased to provide the following update on its operations.

Highlights:

   --    Two new stores secured following the successful opening in St Andrews 
   --    Products stocked in more than 70 third-party stores 
   --    Re-branding complete and new product lines launching this week 

The Company's strategy is to generate revenue through three complementary avenues - its own stores, third-party retailers, and online.

Voyager's own stores

Voyager's first store in St Andrews, Scotland, has been open for over a month and trading remains strong with the Company's CBD oils and CBD cooling cream being particularly popular sellers to date. As the product range expands, with the new skincare range introduced this week, the management team is optimistic about making further progress in this area over the coming months.

It was always Voyager's intention to open a small number of proprietary stores and the success in St Andrews suggests UK high streets are under-served by high quality CBD sales outlets. Following a search for suitable additional premises, Voyager can announce that it has had offers accepted on new stores in Dundee and Edinburgh. Legal documentation is now underway, and the Company's target is to open both in time for Christmas trading.

The Dundee store is within sight of the highly popular V&A Museum and opposite the Malmaison Hotel. The waterfront area of the city continues to be developed and the associated footfall makes this an ideal location for Voyager.

The Edinburgh store is in the middle of the shopping district in the popular suburb of Stockbridge. The premises previously operated as a café and has already been fitted out to a high standard. Management expects this will reduce the cost and time of its own preparations to open. It will also suit the continuation of its very successful strategy in St Andrews of selling coffees and other hot drinks with the option for customers to add CBD. Both new stores will also stock a variety of exclusive products that are not available online as well as a small number of guest brands.

Retail premises in Scotland continue to benefit from 100% non-domestic rates relief until April 2022 and, with unallocated places on the Company's Kickstart application, management are confident of keeping costs down as the new shops are opened.

Third-party stores

Considerable progress has been made over the summer, and Voyager's products are now stocked in over 70 third-party retail stores in Scotland and England. Significant new customers include Loch Leven's Larder, Glendoick Garden Centre, WCF Pet & Equestrian and, most recently, Harbro.

CBD retail in the UK remains highly competitive but the Company's high quality product range and competitive price point is proving attractive and the Board is very pleased with the current customer conversion ratio.

Voyager's pet range continues to be very popular and to support continued growth in this area the Company recently launched two new hemp seed oil products - a pet shampoo and pet deodorant.

Next week Voyager will exhibit at its first trade fair, Glee, one of the UK's leading garden and outdoor living events, at the NEC in Birmingham. Building on the Company's recent success with garden centres and country stores, this represents an opportunity to present to a wide range of that retail segment. Later in the month Voyager will be at the Scottish Game Fair at Scone Palace in Perthshire. With the National Health Trade Summit (Manchester) in October and Look Good Live (Coventry) in November, the Company has several opportunities in place during the autumn to continue to develop its customer base.

Online sales

Until late May of this year, online sales represented almost 100% of Voyager's business but, as predicted, this is now the smallest contributor to revenue following the strong growth of the Company's other business lines. The Company's own website ( www.VoyagerCBD.com ) remains the main source of online revenue although Voyager products are still available on over 20 other CBD and hemp focused websites and online marketplaces. Amazon has been particularly noteworthy for sales of hemp hand cream and hemp lip balm.

Over the summer, Voyager completed its re-branding, with new labels and packaging rolled out across the range. The next step is to upgrade the Company's website and work is already underway. Reflecting the Company's success in physical retail, the Board continues to believe that online sales will still form a minority part of the Company's offering, albeit at the highest margin. Nevertheless, as Voyager's brand recognition develops, the Board's view is that a substantial growth opportunity exists online, and its strategy is to develop this over the remainder of 2021 and during 2022.

Nick Tulloch, Chief Executive Officer and Founder of Voyager, said: "A little over two months on from our IPO, I am pleased to report that our plans are very much on track and that Voyager is seeing success on a number of fronts. Our diversified business model, extended retail reach and growing product range has given us a platform for sustained growth.

"The rapid growth of the CBD and hemp market, both in the UK and abroad, is well reported and we remain convinced that a significant opportunity exists to build a trusted brand. Feedback from both retail and business customers has demonstrated that there is a growing awareness and interest in CBD and hemp and our policy of providing clear and accurate information, coupled with high quality products that are fairly priced, is generating increasing interest.

"We have a great deal more to do, of course, and the final months of 2021 will be extremely busy for all of the Voyager team as we develop the three sides of our business. Team morale is very high and each customer order further convinces us of the opportunities still to come as we seek to further build revenue and drive long-term shareholder value."

ENDS

Enquiries:

Voyager

Nick Tulloch - [e-mail] / 01738 505 130

http://voyagerlife.uk

Charlotte Street Partners (financial communications)

David Gaffney - [e-mail] / [phone]

Tom Gillingham - [e-mail] / [phone]

Andrew Wilson - [e-mail] / [phone]

Cairn Financial Advisers LLP (AQSE Corporate Adviser)

   Liam Murray or Ludovico Lazzaretti   [phone] 

Notes to Editors:

About Voyager

Voyager is based in Perth, Scotland, and was established to supply high quality CBD and hemp products. In line with UK regulations, the Company makes no medicinal claims but guarantees to customers that its products as are described on their labels and on its website. Voyager focuses its resources on product formulations and retail and outsources its manufacturing to specialists. The Company's philosophy of plant-based health and wellness is embodied in its mission statement and hashtag of "Choose you". With an experienced team and a product line created in line with the UK's regulatory regime, Voyager aims to become the trusted brand in this increasingly popular health and wellness space.

Website and social media links:

https://voyagercbd.com/

https://www.instagram.com/voyagercbd/

https://twitter.com/voyagercbd

https://www.linkedin.com/company/voyager-cbd/

https://www.facebook.com/VoyagerCBD/

What is CBD?

CBD, or cannabidiol, is the best known and most abundant cannabinoid in hemp, one of the plants in the cannabis family which is sometimes referred to as cannabis sativa. There are at least 113 identified cannabinoids and there is ongoing scientific research into CBD. Unlike THC (Tetrahydrocannabinol), which is also sourced from certain plants in the cannabis family, CBD is not psychoactive, so it does not change a person's state of mind when they use it. Voyager CBD products do not contain any THC.

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September 07, 2021 02:00 ET (06:00 GMT)