A cannabis venture, which counts David Beckham among its investors, has seen its share price rise more than four-fold during its London stock market debut. Cellular Goods, which wants to sell skincare and topical creams using biosynthetic cannabinoids, saw shares climb from their offer price of 5p to above 20p when the opening price was declared on Friday. The flotation, which was 13-times oversubscribed, was aimed at raising £13m for development work and expansion after City rules were changed last year to allow cannabis-linked listings for medicinal ventures. Sky News revealed earlier this month that Cellular would be the first company of its kind to take advantage of the relaxation of the criteria through the Initial Public Offering (IPO). The success of the launch means Beckham’s holding has surged in value as a result. Advertisement The former Manchester United and England footballer’s DB Ventures vehicle had a 5% stake in advance of the listing. The surge in value of the stock on Friday left Cellular’s market capitalisation at more than £100m – based on a share price of 20p. More from Business COVID-19: British Airways parent firm demands digital health passes to help reopen skies as it dives to £6.5bn… Read full this story
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