FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to note that, further to the announcement of 10 March 2021, the sale of its investee company, EMMAC Life Sciences Limited (‘EMMAC’), to Curaleaf Holdings Inc. (‘Curaleaf’), has successfully been completed (the ‘Transaction’).
As announced, FFWD had conditionally agreed to sell its entire interest in EMMAC (comprising 6,666,667 ordinary shares and a £750,000 convertible loan note) (the ‘Sale’) for £5,036,459 in cash (the ‘Sale Consideration’) and therefore, immediately prior to completion of the Transaction, FFWD has completed the Sale and received the Sale Consideration. The proceeds of the Sale will be used to make further investments in accordance with the Company’s investing policy.
Ian Burns, Chairman of FastForward Innovations, commented: “We are pleased to note that all conditions in the sale of EMMAC to Curaleaf have been met and the transaction has completed. We are delighted to have made a significant return on our original investment in EMMAC. This will result in us being in an enviable position of having cash totalling in excess of £6.5 million, which we aim to invest in new exciting opportunities, principally within the highly active medical cannabis, cannabinoid wellness and life sciences sectors.”
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