Cellular Good PLC said it made a good start to life as the London market’s first lab-made cannabinoids business.
Boosted by the £13mln raised from the February IPO, it has been able to rapidly bring to market a cannabigerol, or CBG skincare product line which launched earlier this week along with a CBD ‘ingestibles’ range.
“Having recently launched its first wellness consumer products, Cellular Goods has entered its most important and exciting phase of growth and begun generating revenues in the current financial year,” investors were told.
The commentary came alongside full-year result, which revealed the business had £9.15mln in net cash as of December 1. As is common for companies investing in commercialising products, Cellular Goods was lossmaking.
The deficit for the year ended August 31 was £3.3mln.
"In less than a year since listing, the company has achieved its major operational milestones for developing Cellular Goods' inaugural range," Chairman Peter Wall said. "Having launched our first range of wellness consumer products, Cellular Goods is now entering a significant chapter of its long-term business strategy.”
Cellular said it was placed to benefit from strong industry ‘fundamentals’.