FastForward Innovations (LON: FFWD) said on Friday that it has invested A$1 million (£560,000) in a placing undertaken by Little Green Pharma, an ASX-listed medicinal cannabis business with operations from cultivation and production through to manufacturing and distribution.
Little Green Pharma’s placing raised a total of A$22 million at A$0.65 per new share. The company achieved record quarterly results for December 2020, with sales revenue up 90% on the previous quarter to $2.54 million.
The company supplies compliant medical-grade cannabis products to Australia and overseas markets. Little Green Pharma also made significant progress in establishing offshore distribution channels, including UK Germany and New Zealand.
Fast-forward Innovations said the investment will help it gain further exposure to the medicinal cannabis industry.
“Having been aware of their progress we are delighted to now support LGP, which ticks all the boxes; it has great assets, strong management, is well capitalised, and continuously delivers on its forecasts in a market where many do not,” said Ed McDermott CEO FastForward.
FastForward’s share price is trading 0.4% higher at time of writing, priced at 10.7p, after initially reaching highs off 11.4p following the announcement.
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