LONDON (Alliance News) - Cash shell Spinnaker Opportunities PLC said Monday it ended discussions with a business involved in the extraction and wholesaling of high purity Cannabidiol oils, although it continues to review a number of acquisition opportunities in the cannabis processing industry.
Chairman Andy Morrison said: "We look forward to furthering Spinnaker's new business focus and exploring our options within the cannabis processing industry."
Since early September, the company had 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.
Furthermore, the firm said that Director Richard Liddell resigned with immediate effect.
In a separate release, the company said that it appointed Peterhouse Capital Ltd as financial adviser and joint broker.
Peterhouse placed 4.2 million existing ordinary shares with a small number of new investors on behalf of certain shareholders at 5 pence per share, or GBP210,000 in total.
Spinnaker shares were trading up 3.2% at 4.90 pence each.