Pharma C Investments PLC was upbeat on prospects as it delivered its maiden interim results following its listing on the AQSE Growth Market in May, which brought in £1mln.
The group is an early-stage investor and venture builder in the medical cannabis sector and focuses on companies that provide ancillary products and services to the industry.
It said in its results statement it has sourced a pipeline of opportunities and is “concentrating on delivering the right investment for our shareholders”.
To aid these efforts it has brought in Toby Shillito as its chief business development officer.
“Toby provides a wealth of experience across the medical cannabis industry and has been a key addition to the team in helping us identify relevant investment opportunities and evaluate them in line with our strict investment thesis,” the company said.
Its results for the six months ended June 30 reflect a business in the formative stages of development as it posted a loss of £247,000. It ended the period with £759,000 in the bank.
Looking ahead Pharma C said it is assessing investment opportunities in the UK, mainland Europe and Israel.
“The ancillary sector offers an attractive opportunity, allowing investors to play a key role in a growing industry without infringing on any restrictive cannabis legislation,” it added.
“Ancillary businesses are generally viewed as more stable than those which are plant-touching.”