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FastForward Inn Ltd (FFWD)

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Thursday 01 April, 2021

FastForward Inn Ltd

New Investment in Cannabis Cultivator Company

RNS Number : 2160U
FastForward Innovations Limited
01 April 2021
 

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

1 April 2021

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

 

Investment in Jersey Based Cannabis Cultivator, Northern Leaf

 

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 been issued £600,000 of 24-month Convertible Loan Notes ("CLNs") in Jersey based medical cannabis cultivator, Northern Leaf Limited ("Northern Leaf"), as part of a pre-IPO funding round by Northern Leaf raising approximately £14 million via the issue of CLNs (the "Investment").  The Company's investment in the CLN will be funded from existing cash resources.

 

Ed McDermott, Chief Executive Officer of FastForward, commented, "Having become the first company to be awarded a UK licence to grow medicinal cannabis in 22 years late last year, Northern Leaf is focused on becoming a key player in the rapidly burgeoning European medical cannabis supply chain; we are delighted to back a competent team as they look to accelerate this strategy and use the funds raised to commence its commercial medicinal cannabis grow programme. Again, given we understand the fundraise was heavily oversubscribed, we are pleased with the investment we have secured in the raise and look forward to supporting the company in progressing its strategy."

 

Principal Terms of the Convertible Loan Note

Northern Leaf has raised approximately £14 million via the issue of £1,000 CLNs of which FFWD has been issued 600. The CLN will attract interest of 10% per annum, payable upon maturity or rolled up upon conversion to equity. The CLN shall be redeemed at the principal amount on the second anniversary falling from the date of issue unless converted or redeemed earlier following one of the events listed below, at which point all outstanding notes shall automatically convert into fully paid ordinary shares of Northern Leaf at a 25% discount to any issue or conversion price as follows:

a)  at a Relevant Fundraising, being Northern Leaf raising a minimum of £3 million;

b)  on a Change of Control; or

c)  on a Listing, on a market operated by the London Stock Exchange, or a recognised investment exchange.

About Northern Leaf

Northern Leaf is a medical cannabis cultivator based in Jersey that, in December 2020, was granted the first UK commercial high THC medical cannabis license since UK based GW Pharmaceuticals (NASDAQ:GWPH) in 1998. The Company is leading the development of a new industry for the British Isles, creating centres of excellence, using state-of-the-art tracking systems and robust policies and procedures to ensure the highest levels of quality from seed to sale.

 

With a secure operational facility already built in Jersey where the favourable climate and sunshine hours contribute to a comparably lower cultivation cost, Northern Leaf will grow commercial quantities of medical cannabis for the rapidly growing European market, including the key markets of the UK, Germany, and Israel. For more information about Northern Leaf, please visit https://www.northern-leaf.com/.

 

The capital raised will be used to make final improvements to Northern Leaf's current 75,000 sq. ft. facility to ensure it receives both EU-GMP (Good Manufacturing Practice) and GACP (Good Agricultural and Collection Practice) qualifications. In addition, Northern Leaf will accelerate its capital expenditure programme into extraction, manufacturing and formulation equipment and explore strategic partnerships.  Northern Leaf is seeking to become a European market leader in the supply of high-quality EU-GMP grade medical cannabis flower and oil to the rapidly growing European medical cannabis market where patient demand continues to accelerate.

 

Since this Investment is considered a Substantial Transaction under AIM Rule 12, this announcement requires certain disclosures under Schedule Four.  Norther Leaf  is an early-stage pre revenue company that reported a loss before tax of £541,200 in the year to 31 March 2020 with net assets as at 31 October 2020 of £7.39million.

 

ENDS

 

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

Ed McDermott / Lance de Jersey

FastForward Innovations Ltd

Email: [email protected]  

 

James Biddle / Roland Cornish

Beaumont Cornish Limited,

Nomad

 

Tel: +44 (0) 207 628 3396

 

Isabella Pierre / Damon Heath

Shard Capital Partners LLP

 

Tel: (0)207 186 9927

Isabel De Salis / Beth Melluish

St Brides Partners Ltd,

Financial PR

Tel: +44 (0)207 236 1177

 

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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