The Nex-listed group raised £930,000 at a price of just under a ha’penny (£.0045) and is now looking for investments in the medicinal cannabis space.
“We see a lot of health benefits and are excited about all of the people we can help with medicinal cannabis,” Jeremey Struges-Smith, Head of Investor Relations, told Proactive.
He emphasises the focus will be on medicinal cannabis, not recreational.
And though the group has yet to make an investment, it is talking to companies and is ‘quite a long way down the line’ on due diligence.
One of these operates out of Britain and is developing a technology platform to make the use of medicinal cannabis easier in everyday life.
Ananda is also looking further afield, in Israel and The Netherlands, where the regimes are more tolerant and also in Canada, which is soon to complete the legalisation process.
The end goal would be to make either a few investments or take a bet on one company and reverse a private vehicle into Ananda, says Sturges-Smith.
“The aim is to outlast as the initial excitement around cannabis once the market is fully regulated and to establish a platform on which we as a team can build something really exciting.”
Gap in the market
Sturges-Smith’s personal opinion is that medicinal cannabis will be legal in the UK within six months.
“There is a huge amount of movement and even when we started this company six months ago we didn't think it would be progressing as fast as now.”
Ananda offers an opportunity for retail investors to get exposure as a lot of London brokers will not trade on Canadian stocks especially Canadian cannabis stocks.
“There is huge demand and we saw a gap in the market.”