(Alliance News) - Shares jumped in Fragrant Prosperity Holdings Ltd on Wednesday, as it announced the expansion of its investment mandate into the medicinal cannabis and cannabidiol wellness sectors.
Shares in the British Virgin Islands-based acquisition vehicle were 44% higher at 6.50 pence on Wednesday in London.
Fragrant Prosperity referred to guidance given last year by the UK Financial Conduct Authority, regarding the admission of medicinal cannabis companies to trading on the London Stock Exchange, resulting in listings by Israel-based Kanabo Group PLC and MGC Pharmaceuticals Ltd.
As a result, Fragrant Prosperity has been presented with several new investment opportunities both in the UK and overseas, it said.
Fragrant Prosperity has appointed counsel in the UK to assist with the process of entering the medicinal cannabis market, and is also looking to appoint new directors with experience in the pharmaceutical and therapeutics fields.
Fragrant Prosperity said it has been considering a number of investment opportunities; however all discussions are at a very early stage with no agreement made yet. As a result, there is no certainty that any of the current discussions will progress further or any transaction will be made.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Fragrant Prosp. (FPP)