FastForward Innovations Ltd - AIM-listed investment firm - Says portfolio company Yooma Wellness Inc, in which it holds a 5.1% interest, has acquired Socati Corp, a US-based manufacturer of cannabinoid ingredients. The transaction valued at USD25.0 million and was agreed on Friday last week. The acquisition of Socati expands Yooma's geographic footprint into the US, after recently acquiring some UK and European wellness brands.
"We are delighted with Yooma's rapid progress; this latest acquisition demonstrates its international ambition to expand beyond Asia into all the major cannabinoid markets including the US and Europe," says FastForward Chief Executive Ed McDermott.
Current stock price: 9.08 pence, up 3.2% on Monday
Year-to-date change: up 6.7%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.