LONDON (Alliance News) - Cash shell Spinnaker Opportunities PLC said Tuesday its directors have decided to enlarge the company's investment focus to include opportunities in the cannabis processing industry.
Spinnaker has been looking at the energy and industrial sectors prior to this.
Since early September, Spinnaker has been engaged in the due diligence of a "high-graded" opportunity, which involves the extraction and wholesaling of high purity cannabidiol oils from industrial hemp for non-medicinal health and wellness businesses.
"At this stage, there can be no assurance this opportunity, or any the company is currently evaluating, will lead to any transaction, but in any event, together with Peterhouse Capital and other stakeholders of the company, the directors are motivated and committed to concluding a suitable acquisition against the background of this extended investment horizon," Spinnaker said in a statement.
Shares in Spinnaker Opportunities were up 7.3% at 5.15 pence on Tuesday.