THE WHAT? A CBD brand backed by DB Ventures, Cellular Goods has announced that it is gearing up to float on the London Stock Exchange.
THE DETAILS The UK-based provider of premium consumer products containing biosynthetic cannabinoids is expected to reach a value of £20 million and the flotation will make it the first LSE-listed pure-play consumer CBD company. It is hoping to raise approximately £8 million via the IPO.
Net proceeds will be used to finalize the development and launch of a consumer products range.
THE WHY? Alexis Abraham, Chief Executive of Cellular Goods, said, “We are delighted to be the very first pureplay 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.”