AIM-quoted firm FastForward Innovations (LON: FFWD) revealed on Monday that it has invested in Eurox Group, a German-based, European vertically integrated medical cannabis company.
FastFoward has invested €3 million and will hold around 8.85% of the company.
FastFoward said the investment provides them with “direct exposure to a company focused on the German medical cannabis market, by far the largest in Europe.”
Eurox has its primary operations in Germany, Portugal, and the UK and is well-positioned in the European medical cannabis market with an exclusive long-term contract and manufacturing agreement for cannabis products with Dr Reckeweg & Co GmbH, an EU GMP certified German pharmaceutical company.
FastForwad’s Vice President of investment analysis, Alfredo Pascual, is to join the Eurox supervisory board.
Commenting on the deal, Pascual said, “Eurox has built a strong value proposition, with the capability to develop, get manufactured and sell its own-branded, unique, ‘made in Germany’, EU GMP medical cannabis extracts and isolates.
“As a company built from the ground up in Europe and led by a European management team, we see immense potential in Eurox to become the next vertically integrated medical cannabis leader on the continent.
FastForward Innovations share price is currently up 1.53% at 8.28p.
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