FastForward invests in listed medicinal cannabis firm Kanabo

Investment company FastForward Innovations has invested £62,500 as part of a £6m oversubscribed placing undertaken by Kanabo Group, it announced on Tuesday, at a price of 6.5p.

The AIM-traded firm said Kanabo began trading on the London Stock Exchange on Tuesday morning, following a reverse takeover of Spinnaker Opportunities.

It said the investment would further develop its exposure to the medicinal cannabis industry, adding that Kanabo had the only medically-approved vaporisation device, the ‘VapePod’, which provides metered doses of its proprietary cannabis-based oil formulations.

Kanabo was already engaged in selling its products as part of a pilot scheme, and was expecting to soon be ready to scale up its sales.

FastForward noted that “strong support” for Kanabo was evidenced by the £6m oversubscribed placing.

“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,” said FastForward chief executive officer Ed McDermott.

At 1522 GMT, shares in FastForward Innovations were up 1.53% at 10.76p.