FastForward Innovations Limited Investment in Medical Cannabis Company (2753P)
16 Febbraio 2021 - 1:20PM
UK Regulatory
TIDMFFWD
RNS Number : 2753P
FastForward Innovations Limited
16 February 2021
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
16 February 2021
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Investment in Medical Cannabis Company Kanabo Group Plc
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
is pleased to announce that it has invested GBP62,500 as part of a
GBP6 million oversubscribed placing at a price of 6.5 pence
undertaken by Kanabo Group Plc ('Kanabo'). Kanabo commenced trading
on the London Stock Exchange today (LSE: KNB), 16 February 2021,
following a reverse takeover of Spinnaker Opportunities Plc.
Highlights
-- Investment further develops FFWD's exposure to the medicinal cannabis industry
-- Kanabo has the only medically-approved vaporisation device,
the VapePod(R), which provides metered dosages of its proprietary
cannabis-based oil formulations
-- Kanabo is already engaged in selling its products as part of
a Pilot Scheme and expects to soon be ready to scale up its
sales
-- Strong support seen for Kanabo in GBP6 million oversubscribed placing
Ed McDermott, CEO of FastForward, commented: " 'We are delighted
to see another cannabis focussed company listing here in London
and, although we are disappointed to have been heavily scaled back
in the oversubscribed placing, we are pleased to see Kanabo shares
having a strong market debut and look forward to further
progress."
DETAILS
Investment
Kanabo has raised a total of GBP6 million by way of a placing of
92,307,693 placing and subscription shares ('New Shares') at a
price of 6.5 pence ('Issue Price') per New Share. The funds raised
through the placing will be used for sales & marketing and
research & development.
Following admission to trading, FFWD will have a holding of
961,538 ordinary shares in Kanabo representing 0.27 per cent of the
issued share capital of Kanabo. The market capitalisation of Kanabo
on Admission at the Issue Price was approximately GBP23.4 million.
On its first day of trading, the shares are trading at a
significant premium to the Issue Price.
About Kanabo
Kanabo is aiming to create a new standard in the medical
cannabis industry to improve the well-being of millions around the
world. Kanabo will focus on the distribution of cannabis-derived
products for medical patients, and THC-free CBD products for
consumers. Kanabo has conducted extensive research and development
at its research centre in Israel to develop high-quality Cannabis
extract formulas, innovative medical-grade vaporisers, and various
non-smoking consumption solutions, making it easy and accessible
for anyone in need of treatment. Kanabo has the only
medically-approved vaporisation device, the VapePod(R), which
provides metered dosages of its proprietary cannabis-based oil
formulations and is engaged in selling its products as part of a
Pilot Scheme and expects to soon be ready to scale up its
sales.
Further information about Kanabo Group Plc can be found at
www.kanabogroup.com .
ENDS
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott FastForward Innovations E: info@fstfwd.co
Lance de Jersey Ltd
James Biddle Beaumont Cornish Limited, T: (0)20 7628 3396
Roland Cornish Nomad
-------------------------- -------------------------------
Isabella Pierre Shard Capital Partners T: (0)20 7186 9927
Damon Heath LLP
Broker
-------------------------- -------------------------------
Catherine Leftley St Brides Partners E: info@stbridespartners.co.uk
Beth Melluish Ltd,
Financial PR
-------------------------- -------------------------------
Notes
FastForward Innovations is an AIM quoted investment company
focused primarily on disruptive high growth life sciences and
technology businesses particularly within the medical cannabis
arena. The Company's strategy is to identify early-stage
opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of
investee companies to a level where relevant time can be devoted to
each.
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END
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