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Beckham-backed cannabis skincare firm to sell shares

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A company backed by David Beckham, which uses compounds found in cannabis to make skincare and athletic products, plans to sell shares on the London Stock Exchange (LSE).

Cellular Goods has sold a stake to DB Ventures, the footballer’s investment firm, Sky News reported.

The company makes its products in labs, rather than from plants.

It is part of a growing market for products which use chemicals found in cannabis for skin regimes.

The BBC has approached Mr Beckham and DB Ventures for comment.

Two of the main active chemicals found in cannabis plans are cannabidiol – often used in skincare products – and tetrahydrocannabinol (THC).

While THC is a controlled substance, cannabidiol is not.

Cellular Goods aims to sell products from September 2021, according to its website, which will make it the first firm of its kind to debut on the LSE.

Cannabis companies can list on the LSE so long as they are medicinal, the Financial Conduct Authority (FCA) watchdog decided last year.

While many recreational drug companies have sprung up in the US, where states in including California have legalised it, those companies can’t raise money in London, as it is illegal in the UK.

To Read The Rest Of This Article By Staff on BBC News

Published: February 03, 2021

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