Tuesday has seen AIM-quoted FastForward Innovations (LON: FFWD) announce another investment in a cannabis healthcare company, this time CiiTECH Limited, sending its shares slightly higher.
The announcement follows Monday’s news that the company had invested in Eurox Group, a German-based, European medical cannabis company.
FastForward has participated in the £2.1 million issuance of convertible loan notes by research-led cannabis firm, CiiTECH, taking £175,000 of the issue.
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The company used existing cash resources for the investment in the 24-month notes, which are being issued ahead of CiiTECH’s intended reverse takeover by Fragrant Prosperity Holdings Limited (LON: FPP).
CiiTECH will use the capital raised to fund its marketing strategy, invest in new talent, build essential operational infrastructure to support future growth and finance the intended reverse takeover.
Ed McDermott, CEO of FastForward, commented: “CiiTECH is an established company with an outstanding reputation as a consumer-facing brand-builder while being dedicated to medical cannabis research. We are delighted to have made this investment alongside other professional and ultra-high-net-worth investors, again broadening our exposure to the cannabis and wellness industry.
“CiiTECH has a diverse portfolio of healthcare brands each producing quality medical cannabis products to fit the ever-expanding market demand for them.”
FastFoward’s share price is currently trading at 8.26p, up 1.23%.
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