(Alliance News) - FastForward Innovations Ltd on Friday said it is "delighted" with how its portfolio is evolving, with the addition of three new investments and three follow-on investments.
The technology and life sciences sector focused investor said it invested GBP250,000 into South West Brands, a London-based group seeking to establish itself as a multi-brand consumer goods group developed specifically for the CBD industry.
FastForward also invested AUD1 million, around GBP560,000, in Australian Stock Exchange-listed medical cannabis business Little Green Pharma as part of a placing of 34 million shares at AUD0.65 each, raising AUD22 million. The funds are to be used to execute Little Green Pharma's next phase of growth, by accelerating sales and marketing efforts in Australia and in offshore market, it said.
Another investment it carried out was GBP62,500 in Kanabo Group PLC, a medical cannabis company, which began trading on the London Stock Exchange last Tuesday. This was part of a GBP6 million oversubscribed placing at a price of 6.5 pence undertaken by Kanabo.
Shares in FastForward Innovations were down 6.8% at 12.70p in London on Friday.
Back in June, FastForward further invested EUR117,641 in Leap Gaming, a developer of high-end virtual reality gaming applications, to support "rapid growth". This was rolled up on Friday with EUR8,729 accrued interest and a new commitment of EUR165,266, resulting in an enlarged convertible loan note position of EUR291,642. The convertible loan note matures on December 31, 2022, with an interest of 1% per annum.
Medical cannabis company EMMAC Life Sciences completed a funding round which raised a total of GBP15 million. FastForward was issued GBP750,000 of 12-month convertible loan notes as part of the raise, which saw Measure 8 Venture Partners LP, EMMAC's largest existing cash investor, leading the round with a significant investment. EMMAC said the funding will enable it to continue to build on its position as one of Europe's largest independent cannabis companies.
"We now have a really good mix of liquid, pre-liquidity and longer term investments as well as a good cash position to make further investments which taken together greatly reduces the risk of our portfolio whilst giving much clearer visibility on potential returns. Investor interest in the cannabinoid sector is escalating with several new companies nearing listing or recently listed on a UK exchange. This can only be good for the sector as a whole, raising its profile and making it more mainstream," said Chief Executive Ed McDermott.
FastForward said the investments further develops its exposure to the medicinal cannabis industry.
"Ongoing clinical research into cannabis/cannabinoids is beginning to show efficacy in helping certain conditions. Having been involved in the sector for several years and with five investee companies operating within the space, we are ideally positioned to benefit from this growth and cement our position as a leading investor in the sector. At present we remain the only AIM-listed company investing in the sector," added McDermott.
By Zoe Wickens; zoewickens@alliancenews.com
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