A cannabinoids company backed by David Beckham become the first company of its kind to formally unveil plans for a main London stock market debut.
Cellular Goods, a UK-based provider of premium consumer products based on biosynthetic cannabinoids.
More than 6,000 valid applications for shares were received in respect of the IPO.
Cellular Goods is the first provider of premium consumer products based on biosynthetic cannabinoids to join the London stock market.
The company, which is run by Alexis Abraham, has sold a minority stake to DB Ventures, the former Manchester United and England midfielder’s global brand management and commercial ventures arm, according to people close to the situation.
Commenting on Cellular Goods’ flotation, Alexis Abraham, Chief Executive Officer, said, “ Cellular Goods’ debut on the London Stock Exchange is a major step in the Company’s development and provides a strong foundation to execute our long-term growth strategy. We are delighted with the strong support from a wide range of institutional and retail investors to build premium consumer products based on biosynthetic cannabinoids under the Cellular Goods brand.”
Cellular Goods was established in August 2018 to develop efficacy-led and research-backed cannabinoid products. The initial focus is on two product verticals: premium skincare and topical athletic recovery products to be launched from this autumn. These will be made available through partnerships with leading online and physical retailers and direct to consumers through the Company’s website.
The Company has partnered with four leading biosynthetic cannabinoid producers in the United States who have experience and expertise in the manufacture of these compounds through a fermentation-based process to secure a consistent supply of legally-compliant raw materials.
The production of biosynthetic cannabinoids does not involve the cultivation or processing of the cannabis sativa plant.
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