FastForward Innovations Limited (LON:FFWD) said its portfolio firm Yooma Corp, in which it holds a 10.65% interest, will launch a range of cannabidiol (CBD) beauty brands into the Chinese market.
The AIM-listed investment firm noted an update from Yooma in which the hemp and CBD social commerce wellness group said it will launch its MĀSK Skincare and Lab to Beauty Brands on BorderX Lab’s China cross-border eCommerce app, Beyond.
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Yooma’s co-chief executive Ron Wardle said the firm is launching the product on the Beyond app ahead of upcoming sales events on Black Friday and 12.12 eCommerce events and that the launch provides “an opportunity for Yooma to have a direct connection to our key demographic customers while introducing them to the next generation of clean beauty brands incorporating cannabinoid ingredients".
"As consumers worldwide increasingly look to plant-based supplements for their wellness needs, we believe that demand for Hemp and CBD products will continue to escalate; this places Yooma, Asia's first HEMP and CBD Lifestyle company, in a very strong position”, said FastForward chief executive Ed McDermott in a statement.
“We are therefore delighted to see it utilising its first-mover advantage with the launch of several new CBD beauty brands in time for this coming Black Friday, which is a key period for retailers globally. We look forward to providing further updates regarding Yooma's commercial progress and its proposed merger with TSX quoted Globalive Technology Inc", he added.
Shares in FastForward jumped 4.7% to 7.9p in early trading on Tuesday.
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