New Investment in Consumer Cannabinoid Company

RNS Number : 6071Q

FastForward Innovations Limited

01 March 2021

 

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

1 March 2021

FastForward Innovations Ltd ("FastForward" or, "FFWD")

Investment in Consumer Cannabinoid Company Cellular Goods

FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to announce that it has invested approximately £17,215 as part of a he/avily oversubscribed £13 million placing at a price of 5 pence undertaken by Cellular Goods Plc ('Cellular Goods'). Cellular Goods commenced trading on the London Stock Exchange on 26 February 2021 (LSE: CBX).

Cellular Goods is a UK-based provider of premium consumer products based on biosynthetic cannabinoids with an initial focus is on two product verticals: premium skincare and topical athletic recovery products to be launched from this autumn. It 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.

Ed McDermott, CEO of FastForward, commented: " We are pleased to see another CBD wellness company IPO here in London. Once again the allocations were disappointing due to a significantly oversubscribed book. However, we are very excited that the London Stock Exchange is fast becoming a destination for both medical cannabis and over the counter cannabinoid wellness companies."

Further Details

Cellular Goods has raised a total of £13 million by way of a placing of 260,000,000 placing and subscription shares ('New Shares') at a price of 5 pence ('Issue Price') per New Share. The placing was 13 times oversubscribed. The funds raised through the placing will be used for Cellular Goods' expansion and long-term growth.

FFWD has a holding of 344,277 ordinary shares in Cellular Goods representing 0.07 per cent of the issued share capital of Cellular Goods.  The market capitalisation of Cellular Goods on Admission at the Issue Price was approximately £25 million and closed on its first day of trading at approximately 19 pence, four times the Issue Price.

Further information about Cellular Goods Plc can be found at www.cellulargoods.co .  

ENDS

For further information on the Company please visit www.fstfwd.co   or contact:

Ed McDermott Lance de Jersey	FastForward Innovations Ltd	E: [e-mail]
James Biddle Roland Cornish	Beaumont Cornish Limited, Nomad	T: (0)20 7628 3396
Isabella Pierre Damon Heath	Shard Capital Partners LLP Broker	T: (0)20 7186 9927
Catherine Leftley Beth Melluish	St Brides Partners Ltd, Financial PR	E: [e-mail]

Notes

FastForward Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early-stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.

 

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