The shares of the David Beckham-backed hashish firm rise after debuting on the London Inventory Trade
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Cellular Goods is only the third cannabis company to be listed on the LSE.
Photo by David Beckham Instagram
The share price of David Beckham-backed cannabinoid biosynthesis company Cellular Goods rose more than 300 percent today after debuting on the London Stock Exchange (LSE), Sky News reports.
The company sells a range of skin care and topical products infused with cannabinoids and saw its share prices jump from 5p ($ 0.08) to more than 20p ($ 0.33) on the first day of promotion.
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“We are delighted with the strong support from a large number of institutional and private investors in building premium consumer goods based on biosynthetic cannabinoids under the Cellular Goods brand,” Managing Director Alexis Abraham told Sky News.
Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown, told City AM that Beckham’s collaboration with the company likely helped boost the stock on day one of trading.
“It’s not exactly clear how Mr. Beckham’s support at Cellular Goods will play out, but whether it stays behind the scenes or appears on the box, his personal brand gave the start a little kick,” said Streeter.
Although recreational cannabis remains illegal in the UK, the Financial Conduct Authority (FCA) recently allowed medicinal cannabis companies to publicly trade. Cellular Goods is only the third cannabis company to be listed on the LSE.
“There has been a massive amount of commotion and it is warranted, but not all companies are created equal and since they have cannabis titles one shouldn’t immediately think they are a good company,” venture capitalist Ed McDermott told City AM
McDermott predicts that up to 20 cannabis companies could be listed on the LSE by the end of the year.
Despite the good news for investors, cannabis patients and lawyers continue to petition the UK government to improve access to medicinal cannabis.
More than 40 children in the UK with severe forms of epilepsy are at risk of losing access to their medicines due to Brexit restrictions, The Times reported in January.
British prescriptions are no longer recognized in the European Union and with many families traveling to the Netherlands to fill out their cannabis prescriptions – and Dutch law prescribes a valid recipe for exporting cannabis products – these families are still looking for alternatives .
“I am faced with the fact that my son may have refractory seizures again that can kill people,” said Hannah Deacon, mother of Alfie Dingley, the first patient in the UK to obtain a permanent license to use medicinal cannabis. opposite The Guardian January.
“It’s that dangerous. To say,” Oh, you can trade it for another product, we’re sorry, we can’t help it. ” It’s totally unacceptable. It’s very, very dangerous and I’m very scared of what’s going to happen, ”Deacon said at the time.
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