UK-based CBD drinks maker Goodrays has raised £5m ($6.79m) in a new funding round led by venture capital firm Guinness Ventures.
Goodrays said it intends to use the funds to expand its “premium product portfolio”, bolster its marketing efforts and secure new listings with retailers, as well as “[accelerate] relationships with existing partners”.
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Alongside the announcement, the business also announced the appointment of Ben Dando, former international chief of canned water brand Liquid Death, as Goodrays’ new managing director.
According to the UK CBD drinks brand, the investment comes at a “pivotal moment” for the UK CBD market.
Full market authorisation for CBD products is expected in early 2026, marking a shift in CBD’s regulatory landscape in the UK.
Founder of Goodrays Eoin Keenan said: “This round is a huge milestone on our mission to build the UK’s leading premium functional drinks brand.
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By GlobalData“We exist to help busy minds find calm and clarity and we’re proud to create the most effective and premium functional drinks for people who want to improve their mental wellbeing.
“For too long, mental wellbeing has been ignored by the food and drink industry, dominated by high sugar, hard alcohol and ultra-processed foods. We are changing that,” the founder said.
The funding – which combines equity and debt financing – features new and existing investors including celebrity backers Vernon Kay and Tess Daly, among others, according to a statement from the group.
Keenan added that the “support from Guinness Ventures, renowned for their expertise in building iconic brands, combined with Ben’s proven track record, positions us perfectly for our next phase of growth and to continue to cement ourselves as a disruptor in the industry.”
Without disclosing exact figures, Goodrays also said it has doubled revenue year-on-year for three consecutive years whilst simultaneously doubling profitability.
Goodrays sells its range of CBD-infused drinks to major retailers in the UK including Tesco and Sainsbury’s. It is also available in Carrefour and Le Clerc retailers in France, among other retailers.
Last week, the UK Food Standards Agency (FSA) released new guidance urging CBD businesses to reformulate their food and drink products to meet its provisional acceptable daily intake (ADI) for CBD and a new upper limit for THC.
Commenting on the news at the time, Goodrays’ Keenan said: “Having been part of the stakeholder process with the FSA, we’re supportive of this change as it’s another positive step towards full market authorisation.
“The FSA have set this out as a recommendation rather than a mandated hard change, and the suppliers, the retailers and the FSA all understand that there will be a transition period for all parties to implement this recommendation, which is a sensible approach.”
