Shares of FastForward Innovations Ltd (LON: FFWD) soared 33% after announcing that Little Green Pharma (LGP), one of its investee companies, had secured an exclusive deal to supply medicinal cannabis products to the QUEST Initiative.
Investors cheered the news despite the company clarifying that Little Green Pharma would be funding the study, which means that the supply deal may not make LGP any money. FastForward, which invests in emerging technology companies, owns 0.9% of LGP’s total issued share capital after investing A$1 million ($773 890) in the company on 12th February.
Today’s rally follows Tuesday’s announcement that FastForward invested £62,500 in Kanabo Group, a medical cannabis company that listed on the London Stock Exchange on 16th February.
The QUEST (QUality of life Evaluation STudy) initiative is a study being conducted by researchers at the University of Sydney to evaluate the quality of life and health economics of chronically ill patients taking medicinal cannabis products.
FastFroward raised $2.9 million in late January via a share placement and has used some of the proceeds to fund its latest investments. Investors celebrated today’s announcement as a quick payoff following FastForward’s recent investment in LGP.
Ed McDermott, CEO of FastForward Innovations, commented: “Little Green Pharma is one of our newest investments in the medical cannabis space, and we are delighted that it is already delivering such strong newsflow.
“The QUEST Initiative aims to have at least 2,100 patients by 30 June 2021, which is a very significant number, and it is excellent to hear that Little Green Pharma is involved with the exclusive supply of medical cannabis oil products as well as providing funding for study costs.”
FasForward Innovations share price.
FastForwward shares soared 33.05% to trade at 15.5p, rising from Wednesday’s closing price of 11.65p.