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(Sharecast News) - Medical cannabis, health and wellness-focussed investor Seed Innovations has invested a further £50,000 in London-based wellness and beauty brand owner South West Brands (SWB), it announced on Monday.
The AIM-traded firm said the investment was made via a three year, 8% convertible loan note, as part of a funding round by SWB to raise up to £1m, of which £0.57m had been secured.
In addition, Seed said it had agreed to convert £50,000 of the 12-month, 8% convertible loan note subscribed for in July last year into the new three-year, 8% note.
The investment and the conversion took the total amount invested by Seed in SWB to date to £0.5m.
Seed said SWB was continuing to make progress on its strategy, with two consumer brands now listed for sale at a "major" UK high street retailer, and online.
The first brand, 'LoveMeMeMe', was described as a "Gen-Z self-care brand" that produces and markets all-vegan and cruelty-free skin, body and hair care products with cannabidiol (CBD) ingredients.
'FEWE', meanwhile, was described as "the world's first full cycle-care brand" that was dedicated to helping women understand the science behind the monthly menstrual cycle.
Seed said listings of the brands with Asos and at Superdrug represented a "significant step forward" and a "resounding endorsement" for prominent retailers about the brands and positioning, while supporting the company's omnichannel approach to building its brands.
The company also confirmed the addition of SWB's 'Botanic Lab' drinks and supplements to the UK Food Standard Agency's list of cannabidiol products permitted to stay on the market in England and Wales.
"We have seen some considerable progress made by the team at South West Brands over recent weeks with the launch of their two brands for sale into Superdrug stores and online at Asos," said Seed chief executive officer Ed McDermott.
"The products have received a fantastic reception by consumers in what is fast becoming a burgeoning FemTech sector where South West Brands are leading the charge.
"Generating early revenues, with the products now increasingly available, we anticipate seeing a fast uptick in wholesale sales which will further lead to additional product development and hopefully support for the products availability outside of the UK."
At 1135 BST, shares in Seed Innovations were up 0.6% at 4.23p.
Reporting by Josh White at Sharecast.com.
