UK-based Cellular Goods – a David Beckham backed company – plans to sell shares on the London Stock Exchange (LSE). The IPO is expected to be valued at around £ 20 million ($ 27,315,500) in cellular goods.
Cellular Goods makes skin care and sports products infused with cannabis compounds. Like many similar companies in the United States, the company makes cannabis-infused skin care and branded recreational products that will be available through retailers.
“In recent years there has been a massive increase in the awareness and importance of wellness and self-care, and we believe cannabinoids will be the king of wellness ingredients,” said Alexis Abraham, Chief Executive of Cellular Goods told BBC News. “The appetite for cannabinoid products is great and the biosynthetic cannabinoids that we will only use are cleaner, greener, purer and frankly the future.”
Cannabis companies are eligible to list on the LSE as long as they are licensed medical cannabis companies, the Financial Conduct Authority (FCA) watchdog concluded last year concluded. Cellular Goods hopes to raise £ 8 million on its listing and use the proceeds to help ensure “the development and launch of a range of premium quality consumer products for the company”.
The England born soccer star (or soccer star in Europe) was close friends with Snoop Doggleads to speculation about cannabis use. Cellular Goods sold an interest in DB Ventures, Beckham’s personal investment firm. Beckham has decided in the past few months to acquire a stake in the company. Seth Rogen offered to smoke cannabis together with Beckham in 2014.
Medical cannabis was legalized in the UK in 2018 for a limited list of qualifying conditions, but recreational cannabis use is still illegal. That hasn’t stopped medical cannabis companies from monopolizing the market. Cellular Goods plans to start selling its products in September 2021.