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FastForward puts another £50k into London-based cannabidiol firm
7th Jul 2021 11:43
(Sharecast News) - Investment company FastForward Innovations has put a further £50,000 in London-based cannabidiol (CBD) products developer South West Brands, it announced on Wednesday.
The AIM-traded firm said South West Brands was working to establish itself as a multi-brand consumer goods group, specifically in the CBD industry.
It said the Investment was made by way of a 12-month 8% convertible loan note as part of a funding round by South West Brands to raise £0.1m, adding that the Investment took the total amount invested by FastForward to date to £0.3m.
FastForward said South West Brands featured a female-led, "world-class" team of experts in cannabis and cannabidiol, as well as brand-building, consumer goods, licensing, value creation and finance.
South West recently announced its intention to float on the London Stock Exchange, with the new funds raised set to support it with that process.
"We are thrilled to be making an additional investment into South West Brands, which has announced it is on the path to listing on the London Stock Exchange imminently," said chief executive officer Ed McDermott.
"This additional investment, which will help further drive the growth of the company, will also add to our expanding exposure to listed cannabis-focused investments."
McDermott said South West was operating in a market that was forecast to have "staggering growth" in the coming years.
"As a pioneer within the cannabidiol space, Rebekah Hall, leading a highly-experienced, all-female management team, is creating a credible, sustainable and scalable consumer CBD business.
"We look forward to supporting Rebekah and her team on their journey as they move swiftly towards several exciting brand launches."
At 1006 BST, shares in FastForward Innovations were down 1.01% at 8.17p.
The AIM-traded firm said South West Brands was working to establish itself as a multi-brand consumer goods group, specifically in the CBD industry.
It said the Investment was made by way of a 12-month 8% convertible loan note as part of a funding round by South West Brands to raise £0.1m, adding that the Investment took the total amount invested by FastForward to date to £0.3m.
FastForward said South West Brands featured a female-led, "world-class" team of experts in cannabis and cannabidiol, as well as brand-building, consumer goods, licensing, value creation and finance.
South West recently announced its intention to float on the London Stock Exchange, with the new funds raised set to support it with that process.
"We are thrilled to be making an additional investment into South West Brands, which has announced it is on the path to listing on the London Stock Exchange imminently," said chief executive officer Ed McDermott.
"This additional investment, which will help further drive the growth of the company, will also add to our expanding exposure to listed cannabis-focused investments."
McDermott said South West was operating in a market that was forecast to have "staggering growth" in the coming years.
"As a pioneer within the cannabidiol space, Rebekah Hall, leading a highly-experienced, all-female management team, is creating a credible, sustainable and scalable consumer CBD business.
"We look forward to supporting Rebekah and her team on their journey as they move swiftly towards several exciting brand launches."
At 1006 BST, shares in FastForward Innovations were down 1.01% at 8.17p.