(Sharecast News) - Medicinal cannabis-focussed investor Seed Innovations has invested a further £0.15m in South West Brands (SWB), it announced on Monday, which it described as a London-based company seeking to establish itself as a multi-brand consumer goods group developed specifically for the cannabidiol (CBD) industry.
The AIM-traded firm, formerly known as FastForward Innovations, said the investment was made through a second 12-month, 8% convertible loan note as part of a funding round by SWB to raise £0.3m.
It said the investment took the total amount invested by Seed in SWB to date to £0.45m.
Seed said the progress being made at SWB included two recent consumer brand launches, with the first being LoveMeMeMe, a healthcare brand that produced and marketed all-vegan and cruelty-free self-care products with CBD ingredients.
The second was FEWE, which was described as "the world's first" full cycle-care brand that was dedicated to helping women understand the science behind the female monthly cycle.
Seed said SWB consisted of a female-led team of experts in cannabis and CBD, as well as brand-building, consumer goods, licensing, value creation and finance.
"South West Brands has made considerable progress since our last investment with the successful launches of two consumer brands which, from what I have seen, have received a very positive reception from users to date," said chief executive officer Ed McDermott.
"These first brand launches, which are generating SWB's early revenues, are testament to the hard work Rebekah Hall and her team have put in, and I am pleased Seed is able to support SWB in their growth and I look forward to further advances by the team in their quest to grow a credible, sustainable and scalable consumer CBD business."
At 1219 BST, shares in Seed Innovations were up 2.47% at 7.48p.
Seed Innov (SEED)18 Apr 2024 14:12