Cellar Goods, the cannabis company backed by David Beckham, has been hit by faltering demand despite the shift in public perspective on CBD products.
As it readies to launch on Amazon’s marketplace, the company blamed the advertising policies of technology giants such as Facebook, Instagram and Google.
The cannabis company launched its first range of products at the beginning of December, just as Cellular welcomed former L’Oréal lead Anna Chokina as chief executive.
Its products include cannabinoid-infused creams, sprays and tablets, as well as a £79 face oil.
Former chief strategy officer Alexis Abraham, who had led the company until Chokina stepped to the helm, has since left the board.
Abraham’s exit alongside Cellular’s weaker-than-expected sales saw shares plunge by nearly a third yesterday.
Once London’s cannabinoid darling, Cellular’s stock price has dwindled below its IPO price. Cellular’s share price has dipped again today, dropping five per cent to 3.8p per share.
Though its new boss, Chokina, has recognised that “much work needs to be done” and that “there remains a major market opportunity” for the cannabis company.