2 Mar 2021 14:06
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
2 March 2021
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Investee Company Update: EMMAC Life Sciences and Yooma Wellness
FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, notes the following announcement released today concerning investee companies EMMAC Life Sciences ('EMMAC') and Yooma Wellness Inc. ('Yooma'). FastForward has a 2.3% interest in the issued stock of EMMAC and an 8.95% interest in the issued stock of Yooma.
The announcement is set out below without material changes or adjustments.
EMMAC LIFE SCIENCES GROUP AGREES SALE OF WELLNESS BRANDS
TO YOOMA WELLNESS INC.
EMMAC TO ACCELERATE GROWTH OF MEDICAL CANNABIS OPERATIONS
2 March 2021, London. EMMAC Life Sciences Group ("EMMAC" or the "Group" or the "Company"), Europe's largest independent cannabis company, is pleased to announce the strategic sale of its wellness brands to Yooma Wellness Inc. ("Yooma") (CSE: YOOM), an emerging marketer and distributor of cannabinoid and hemp-derived wellness products. Yooma will acquire the brands Blossom, MYO, Hello Joya and What the Hemp, after previously licensing the brands from EMMAC under the terms of an agreement announced on 20 January 2021.
Antonio Costanzo, CEO of EMMAC, said: "EMMAC's strategic focus is to accelerate the growth of its medical cannabis and B2B wellness business operations. The strength of our vertically integrated business model and the investment made in our European facilities in the past year means that we have a compelling market advantage to deliver real revenue growth in these areas."
International cannabis market research firm, Brightfield Group, project Europe's medical cannabis market to grow to over US$3.1 billion by 2025, with a 2020-2025 CAGR of 52%.
Antonio Costanzo, CEO of EMMAC, continued: "As a result of this sale, Yooma has the opportunity to capitalise on the traction that EMMAC's wellness brands have made, particularly in the UK, and extend the distribution channels for these brands into China and further Asian markets."
The total purchase price is approximately US$8.1 million, and will be payable as 7,459,981 shares of Yooma valued at their 5-day volume weighted average price of CA$1.384.
- Ends -
About EMMAC Life Sciences Group
EMMAC Life Sciences Group is Europe's largest independent cannabis company, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. With a unique supply and distribution network throughout Europe, EMMAC's vision is to bring the life-enhancing potential of cannabis to the people who need it. For more information about EMMAC, please visit https://www.emmac.com/.
Contact:
For scientific enquiries please contact research@emmac.com
For general enquiries please contact info@emmac.com or visit www.emmac.com
CAUTIONARY STATEMENT
All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of EMMAC Life Sciences Group. There can be no assurance that such statements will prove to be accurate, achievable or recognisable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. EMMAC Life Sciences Group assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
ENDS
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott / Lance de Jersey | FastForward Innovations Ltd | Email: info@fstfwd.co
|
James Biddle / Roland Cornish | Beaumont Cornish Limited, Nomad
| Tel: +44 (0) 207 628 3396
|
Isabella Pierre / Damon Heath | Shard Capital Partners LLP
| Tel: (0)207 186 9927 |
Isabel de Salis / Beth Melluish | St Brides Partners Ltd, Financial PR | Tel: +44 (0)207 236 1177 |
Notes
FastForward Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.