The share price of the David Beckham-backed biosynthetic cannabinoid company Cellular Goods climbed by more than 300 per cent after debuting on the London Stock Exchange (LSE) earlier today, reports Sky News.
The company sells a line of skincare and topical products infused with cannabinoids and saw share prices jump from 5 pence ($0.08) to more than 20 pence ($0.33) on its first day of action.
“We are delighted with the strong support from a wide range of institutional and retail investors to build premium consumer products based on biosynthetic cannabinoids under the Cellular Goods brand,” chief executive Alexis Abraham told Sky News.
Susannah Streeter, a senior investment and markets analyst with Hargreaves Lansdown, told City A.M. that Beckham’s association with the company likely helped boost the stock on its first day of trading.
“It’s not clear exactly how Mr. Beckham’s backing will evolve with Cellular Goods, but whether he’ll remain behind the scenes, or appear on the packaging, his personal brand has given the launch a bit of a kick,” Streeter said.
Though recreational cannabis remains illegal in the U.K., the Financial Conduct Authority (FCA) recently allowed medical cannabis companies to be publicly traded. Cellular Goods is just the third cannabis company to list on the LSE.
“There has been a massive burst of excitement, and it’s warranted, but not all companies are created equal, and because they carry a cannabis title, one should not immediately think they’re a good company,” venture capitalist Ed McDermott told City A.M.
McDermott predicts that there could be as many as 20 cannabis-related companies listed on the LSE by the end of the year.
Despite the good news for investors, cannabis patients and advocates continue to petition the U.K. government to improve access to medical cannabis.
More than 40 children in the U.K. with severe forms of epilepsy are at risk of losing access to their medicine due to Brexit restrictions, The Timesreported in January.
British prescriptions are no longer recognized in the European Union and with many families travelling to the Netherlands to get their cannabis prescriptions filled — and Dutch law requiring a valid prescription to export cannabis products — those families are still searching for alternatives.
“I am facing the fact that my son might go into refractory epileptic seizures again, which can kill people,” Hannah Deacon, the mother of Alfie Dingley, the first patient in the U.K. to receive a permanent medical cannabis licence, told The Guardian in January.
“That’s how dangerous this is. So to say, ‘Oh, you can swap it for another product, sorry we can’t help,’ it is grossly unacceptable. It’s very very dangerous and I’m really frightened about what is going to happen,” Deacon said at the time.
Australian Senator Slams Government For ‘Buckling’ To Facebook
An Australian Senator has slammed the government there for agreeing to weaken a new law that would see Facebook have to pay for news content, after the social media site blocked all news, as well as government and emergency service updates in a blatant effort to cause chaos ahead of the vote on the new legislation.
Speaking in parliament, Senator Sarah Hanson-Young of the Green Party declared “The government has buckled here.”
“You’ve blinked, you weakened the power the minister has because Facebook bullied you. This is a face-saving exercise by the Treasurer,” she further announced. Read More
Tesla Inc. TSLA +4.05% is recalling roughly 135,000 Model S luxury sedans and Model X sport-utility vehicles over touch-screen failures, one of the electric-car maker’s largest-ever safety actions.
The move comes after the National Highway Traffic Safety Administration requested a recall last month, saying the touch screen in some models can fail when a memory chip runs out of storage capacity, affecting functions such as defrosting, turn-signal functionality and driver assistance.
The agency said the problem affected roughly 158,000 vehicles, including Model S sedans built between 2012 and early 2018 and Model X vehicles made from 2016 through early 2018. The recall doesn’t cover vehicles in that group that have already been repaired with a larger memory chip or an upgraded touch screen, according to NHTSA.
Tesla said in a letter to federal regulators made public Tuesday that while it disagreed that the issue constituted a defect in the vehicles, it was going ahead with a recall to conclude the investigation and provide a better experience for customers.
What Happened: On this day in 1964, the U.S. government issued its first health warning against cigarettes.
Where Was The Market: The S&P 500 traded around 76.45, and the Dow traded near 766.08.
What Else Was Going On In The World: A pack of cigarettes costs about $1.60, or 1.4 hours of labor for minimum wage ($1.15) workers.
The First Onslaught: The Surgeon General of the U.S. Public Health Service published the first of many advisories on the potential hazards of smoking. A scientific literature review revealed causality between cigarettes and chronic bronchitis, lung and laryngeal cancer in men, and lung cancer in women.
The report sparked yet-ongoing government intervention in the American tobacco industry. Over the course of the next few years, Congress adopted the Federal Cigarette Labeling and Advertising Act of 1965 and the Public Health Cigarette Smoking Act of 1969 to regulate the tobacco industry’s promotional strategies…CLICK for complete article
All the best for the holidays from Mike and the whole team at MoneyTalks. And we offer up our hopes for a safe and prosperous 2021. We’ll be back updating the site next week.