London Stock Exchange welcomes Cellular Goods to the Main Market
Today, London Stock Exchange welcomes Cellular Goods plc to trading on the standard segment of the Main Market under the ticker “CBX” after it raised gross proceeds of £13 million through a 13 times oversubscribed IPO.
Cellular will be the first pure-play biosynthetic cannabinoids consumer products company to list on London Stock Exchange, providing the investor community with a unique opportunity to capitalise on what researchers and analysts project to be a rapidly expanding market.
The past few years have seen massive growth and awareness of the importance of wellness and self-care, with cannabinoid products growing immensely in popularity. The US market for CBD sales is expected to exceed $20 billion by 2024, according to BDS Analytics and Arcview Market Research, with sales of CBD products in the UK having approximately doubled over the last two years.
Cellular Goods meets the growing need for a standout consumer brand with efficacy led and science backed products in a fragmented market which currently does not contain any trusted ‘household’ names.
The Company is initially focusing on two product lines, the first being high end skincare, and the second being topical athletic recovery products.
Net proceeds from the IPO will be deployed to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids.
Alexis Abraham, Chief Executive Officer of Cellular Goods, said:
“We are delighted with the tremendous support we have received from institutional capital and the unprecedented level of interest shown by retail investors for an IPO of this size.
We firmly believe that the future of the cannabinoid industry will be driven by biosynthetic production and our significantly oversubscribed IPO is a sign of investor confidence in this future.
It is important for smaller investors to participate in flotations, and through PrimaryBid over 6,000 investors have gained access to this offering.
We want to develop products not just for our customers but with them and we are thrilled to have them here with us on this landmark journey.”