Beckham-Backed Cannabinoid Firm Cellular Goods to List in London
(Bloomberg) -- U.K.-based Cellular Goods Plc, which provides cannabis-based consumer products and counts soccer star David Beckham among its investors, is seeking a listing on the London Stock Exchange.
The initial public offering, which includes an offer to retail investors, is expected to value Cellular Goods at about 20 million pounds ($27 million), the company said in a statement Thursday.
Set up in August 2018, the company focuses on skincare and topical athletic recovery products, which it says will be made available through retailers and on its own website. Its cannabinoids are made in a lab, rather than being derived from plants.
The listing comes after a U.K. watchdog said last year cannabis firms can float on the London Stock Exchange, but only if they produce the drug for medicinal purposes. Medical pot was legalized in the U.K. in 2018 for a narrow set of purposes, but recreational use is against the law.
That’s spurring more such companies to enter the market. Medical marijuana firm MGC Pharmaceuticals Ltd., which is developing epilepsy and dementia drugs, said Thursday it has raised 6.5 million pounds from a share placing, led by U.K. institutional fund managers, family office and high net worth investors. The stock, which is also listed in Australia, is set to start trading on the LSE.
In its listing, Cellular Goods is looking to raise 8 million pounds and use the proceeds to finalize “the development and launch of a range of the company’s premium-quality consumer products.” Its “skin” and “movement” products will be available from September 2021, according to its website.
Tennyson Securities, Novum Securities and PrimaryBid Ltd. are acting as joint bookrunners and corporate brokers for the company.
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