Cellular Goods, a company that sells cannabis-based skincare products, is set to be listed on the London Stock Exchange with the backing of English soccer legend David Beckham.
Beckham’s investment vehicle, DB Ventures, bought a minimum stake in Cellular Goods as the company expects a $20 million valuation. Recreational use of marijuana is still against U.K. law, but Britain’s market watchdog allows for cannabis companies that create medicinal products to float on London’s Stock Exchange.
Cellular Goods distinguishes itself from competitors by creating its products in laboratories instead of directly from the plant as most other companies do.
Alexis Abraham, Chief Executive of Cellular Goods, believes being listed on the LSE could be the first step to controlling the industry.
“The past few years have seen massive growth and awareness of the importance of wellness and self-care,” Abraham said. “We believe cannabinoids will prove to be the king of wellness ingredients.
