Business

David Beckham-backed cannabis venture to list on London Stock Exchange

David Beckham, © PA Archive/PA Images

A David Beckham-backed company which uses cannabis compounds to make skincare products is set to float on the London Stock Exchange.

Cellular Goods has sold a stake to David Beckham’s investment vehicle, DB Ventures, as it seeks to trade on the stock market with a £20 million (€22.6 million) valuation.

The company uses biosynthetic cannabinoids to make skincare and athletic recovery products.

Cellular Goods is different to many competitors in the fast-growing market, by making its products in laboratories, rather than directly from plants.

On Thursday morning, Cellular Goods said it intends to raise around £8 million through a retail share offering.

We believe cannabinoids will prove to be the king of wellness ingredients

It said that funding from flotation will be used to finalise and launch a range of “premium-quality consumer products” using the cannabinoids.

Alexis Abraham, chief executive of Cellular Goods, said: “We are delighted to be the very first pure-play consumer cannabinoid company to list on the LSE.

“The past few years have seen massive growth and awareness of the importance of wellness and self-care and we believe cannabinoids will prove to be the king of wellness ingredients.

“A London stock market listing will provide us with the profile, credibility and access to global capital to drive our growth.

“There is a burgeoning market for high quality cannabinoid products but the industry is currently highly fragmented and there is no go-to name that consumers can trust across product categories.”

David Gardner, who oversees Beckham’s commercial businesses and investments as managing director of DB Ventures, has joined the board of Cellular Goods as a non-executive director.

It comes months after Beckham-backed e-sports company Guild Esports secured a £20 million listing on the stock exchange.

Source:

www.breakingnews.ie

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