LONDON (Alliance News) - Spinnaker Opportunities PLC said Thursday it is evaluating a number of opportunities in the legal cannabis industry, while the London-listed cash shell also announced the departure of its finance director.
Shares in Spinnaker were up 8.1% at 5.08 pence on Thursday.
"A number of opportunities are currently being evaluated and developed. The legal cannabis industry backdrop remains highly supportive, with almost daily news items referring to the growth of the sector in Europe and beyond," Spinnaker said.
Back in mid-October, the company - whose purpose since listing in late 2016 has been to find a reverse takeover - terminated talks with a business involved in the extraction and wholesaling of cannabidiol oils but is pursuing other acquisitions.
Spinnaker Chairman Andy Morrison said: "Investor appetite for the cannabis processing industry in Europe is strong and we are looking forward to delivering a suitable acquisition and [reverse take-over] transaction as soon as we can."
Spinnaker also announced the immediate departure of finance director Jonathan Bradley-Hoare. His duties are to be taken on by fellow director Alan Hume, and Spinnaker said that his "numerical replacement on the board" is to be named in due course.
Morrison thanked Bradley-Hoare "for his assistance in the founding and management of Spinnaker".
In addition, Spinnaker has appointed Zahid Latif to the position of retained advisor. Latif is to advise the board on a "discretionary, part-time consultancy basis" and assist with acquisitions.