Private equity investor Inverleith has bought a majority shareholding in plant-based food and drink brand Good Hemp after agreeing a ‘seven-figure’ deal.

The investment will enable the Devon-based brand to grow its product portfolio, expand the reach of the its Good Hemp milk alternative product in the UK and overseas and increase its marketing presence.

Good Hemp was founded by Henry Braham and Glynis Murray at their Devon farm in 2004, first launching their ‘Good Oil’ product into UK retail in 2005.

The company now produces a range of hemp-based consumer brand products including a milk alternative, natural protein supplements, protein flours and hemp seeds.

The company’s products have been stocked in Asda, Sainsbury’s, Tesco, Morrisons, Ocado, Waitrose, Booths and Holland & Barrett.

Hemp shares a number of chemical ingredients with marijuana, though its significantly lower level of THC (marijuana’s psychoactive element) means it faces fewer legal obstacles and can be used for foodstuff, including protein for vegetarians and vegans.

Inverleith specialises in investing into consumer brands with a focus on health & wellbeing, lifestyle and heritage.

The deal marks Inverleith’s first investment into Good Hemp, though the high net worth individuals’ investor club which Inverleith directors manage had previously invested in the company.

Good Hemp has been backed by a group of unnamed investors and its board includes former Waitrose MD Steven Esom.

The group sought £1.5m in a growth capital from private investors to fuel its rapid growth in December 2015.

Other fmcg investments through Inverleith’s fund and high net worth investor club include a majority stake in The Scotch Malt Whisky Society; in Chapel Down, the leading English sparkling wine brand; and in Emily Crisps, an up-and-coming fruit and vegetable crisp manufacturer.