David Beckham Launches the First Artificial Cannabinoids
Cellular Goods plans to launch its first products in September, biosynthetic cannabinoid-based skincare and recovery products for athletes. The company wants to IPO in the spring.
Cellular Goods expects the company will be valued at £20 million ($27 million). It expects to raise about £8 million ($10.8 million) in the offering, which will be used to “develop and launch a line of premium consumer products.”
The biggest star among Cellular Goods investors is a soccer star, David Beckham. The former soccer player owns a minority stake in the company through his venture capital arm, DB Ventures.
The company’s announcement notes that Cellular Goods could become the first London Stock Exchange producer of consumer cannabis products, as well as the first company to use biosynthetic cannabinoids – substances derived not from plant cannabis, but created in the lab and biologically identical to natural ones – in production.
Listing on the LSE will provide the company with investor credibility and access to global capital, which will spur its growth. There is a growing demand for high-quality cannabinoids, but right now the industry is highly fragmented and there is no brand that consumers can trust.
Analysts say the U.S. market for cannabis extract-based products will exceed $20 billion in the next five years. In the U.K., the same market could reach nearly £1 billion a year by 2025, according to the U.K. Center for Medical Cannabis.
Cellular Goods emerged in August 2018. The company specializes in skincare and recovery products for sports. The manufacturer’s website says the products will become available in September 2021.
Last year, the U.K. regulator said cannabis firms could list on the LSE, but only if they manufacture products for medical purposes.
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