16 Feb 2021 12:20
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
16 February 2021
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Investment in Medical Cannabis Company Kanabo Group Plc
FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to announce that it has invested £62,500 as part of a £6 million oversubscribed placing at a price of 6.5 pence undertaken by Kanabo Group Plc ('Kanabo'). Kanabo commenced trading on the London Stock Exchange today (LSE: KNB), 16 February 2021, following a reverse takeover of Spinnaker Opportunities Plc.
Highlights
· Investment further develops FFWD's exposure to the medicinal cannabis industry
· Kanabo has the only medically-approved vaporisation device, the VapePod®, which provides metered dosages of its proprietary cannabis-based oil formulations
· Kanabo is already engaged in selling its products as part of a Pilot Scheme and expects to soon be ready to scale up its sales
· Strong support seen for Kanabo in £6 million oversubscribed placing
Ed McDermott, CEO of FastForward, commented: "'We are delighted to see another cannabis focussed company listing here in London and, although we are disappointed to have been heavily scaled back in the oversubscribed placing, we are pleased to see Kanabo shares having a strong market debut and look forward to further progress."
DETAILS
Investment
Kanabo has raised a total of £6 million by way of a placing of 92,307,693 placing and subscription shares ('New Shares') at a price of 6.5 pence ('Issue Price') per New Share. The funds raised through the placing will be used for sales & marketing and research & development.
Following admission to trading, FFWD will have a holding of 961,538 ordinary shares in Kanabo representing 0.27 per cent of the issued share capital of Kanabo. The market capitalisation of Kanabo on Admission at the Issue Price was approximately £23.4 million. On its first day of trading, the shares are trading at a significant premium to the Issue Price.
About Kanabo
Kanabo is aiming to create a new standard in the medical cannabis industry to improve the well-being of millions around the world. Kanabo will focus on the distribution of cannabis-derived products for medical patients, and THC-free CBD products for consumers. Kanabo has conducted extensive research and development at its research centre in Israel to develop high-quality Cannabis extract formulas, innovative medical-grade vaporisers, and various non-smoking consumption solutions, making it easy and accessible for anyone in need of treatment. Kanabo has the only medically-approved vaporisation device, the VapePod®, which provides metered dosages of its proprietary cannabis-based oil formulations and is engaged in selling its products as part of a Pilot Scheme and expects to soon be ready to scale up its sales.
Further information about Kanabo Group Plc can be found at www.kanabogroup.com.
ENDS
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott Lance de Jersey | FastForward Innovations Ltd | E: info@fstfwd.co
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James Biddle Roland Cornish | Beaumont Cornish Limited, Nomad | T: (0)20 7628 3396
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Isabella Pierre Damon Heath | Shard Capital Partners LLP Broker | T: (0)20 7186 9927 |
Catherine Leftley Beth Melluish | St Brides Partners Ltd, Financial PR | E: info@stbridespartners.co.uk |
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.