A cannabinoids company is set to get listed at the London stock market for the first time. The company is backed by the footballer David Beckham and will be the first company of its kind to get formally publicly listed – the plans of which are slated to be announced this week.
In an exclusive report by Sky News, the name of the company is Cellular Goods which is engaged in the business of development and making skincare and athletic recovery products. The company manufactures these products from biosynthetic cannabinoids. Sky News said that the company will announce its plans for going public later this week.
A minority stake in the cannabis company which is run by Alexis Abraham had been sold to DB Ventures which is the global brand management and commercial ventures arm of the company formed by the former Manchester United and England midfielder Beckham, said the report quoting information from sources with direct knowledge of the matter.
The report quoted sources as saying that Beckham is a strong believer that that the use of CBD in consumer goods has an attractive growth prospect for his investment portfolio.
There are also speculations about a possible future licensing agreement between Cellular Goods and Beckham’s company because of the interest of the footballer in CBD products as well as his decision to make an investment and take up a share of the cannabis company. Companies dealing in cannabis all over the world are in an apparent race to get listed including at the London Stock Exchange. Interest among cannabis companies in London to go public have been raised after announcement of changes to Financial Conduct Authority rules last year by the government which allowed such companies to get themselves listed of the products of the cannabis companies have a medical application.
There are a number of companies in the United States that deal with cannabis as recreational drugs because a number of states in the country including California have legalised it. However such companies cannot get listed in the united Kingdom because such products are still considered illegal.
What distinguished Cellular Goods from many of its peers and rivals is that its products are developed and manufactured inside labs instead of them being grown from cannabis plants. The company is a part of a growing group of companies that are engaged in development of skin regimes based on the chemicals found in cannabis.
No comment on the news report was available from Beckham and DB Ventures.
Cannabidiol (CBD) – often used in skincare products – and tetrahydrocannabinol (THC), are two of the main active chemicals found in cannabis plants and used for making supplementary products,.
While THC is a controlled substance, cannabidiol is not.
According to the website of Cellular Goods, the company targets to commercially sell its products starting September 2021.
“The last 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,” said Cellular Goods chief executive Alexis Abraham. “The appetite for cannabinoid products is huge and the biosynthetic cannabinoids we will be exclusively using are cleaner, greener, purer, and frankly the future.”
(Adapted from SkyNews.com & BBC.com)