United Kingdom CBD company Trip raises $12 million for expansion

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Trip, a CBD company based in the United Kingdom, said it raised $12 million in fresh capital from entrepreneurs, business leaders and other investors.

Among the investors is Maria Raga, a former CEO of London-based e-commerce firm Depop.

In a news release, Trip said the capital influx will “continue to drive the growth of the thriving TRIP community and deepen US distribution.”

Trip said it has 88% market share of the CBD space in the U.K. through distribution in more than 11,000 retail locations.

The global CBD market reached $12.8 billion in 2021, the company said, citing Delaware-based Global Market Insights.