David Beckham-backed cannabis firm on course to become LSE’s first CBD listing
UK-based Cellular Goods, backed by David Beckham, is seeking a listing on the London Stock Exchange, which would make them the LSE’s first pure-play CBD business.
The announcement comes only a day after British pharmaceutical firm GW was sold to US rival Jazz Pharmaceuticals for £5.3b, highlighting a growing investor interest in the cannabinoid industry.
CBD is the medical acronym for cannabidiol, one of the key active compounds or cannabinoids found in cannabis plants.
Cellular Goods, a cannabis product business backed by David Beckham, has sent offers to retail investors and is expected to value at around £20m.
As the LSE’s first CBD centred listing, the company appears to be capitalising on the Financial Conduct Authority’s approval of cannabis company floats in September last year.
Shares in GW soared nearly 50 per cent following the announcement of the Jazz sale, indicating a new market for LSE.
Established in 2018, Cellular Goods seeks to raise £8m in its listing and use the earnings to finalise the development and launch its “skin” and “movement” products from September this year.