Beckham-backed cannabis venture becomes first to score with London float

A cannabinoids company backed by David Beckham will this week become the first company of its kind to formally unveil plans for a main London stock market debut.

Sky News can exclusively reveal that Cellular Goods, which makes skincare and athletic recovery products manufactured from biosynthetic cannabinoids, will announce its intention to float as soon as Thursday morning.

The company, which is run by Alexis Abraham, has sold a minority stake to DB Ventures, the former Manchester United and England midfielder's global brand management and commercial ventures arm, according to people close to the situation.

Beckham is understood to believe that the use of CBD in consumer goods as an attractive growth prospect for his investment portfolio, they added.

His decision to take a stake in Cellular Goods is likely to prompt speculation about a future licensing agreement between them.

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Cannabis companies have launched a frenetic race to go public in London following changes announced last year to Financial Conduct Authority rules allowing them to list if they have a medical application.

Cellular Goods is distinct from many of its peers because its products are made in labs rather than grown from cannabis plants.

"Our cannabinoids require no pesticides and are meaningfully cleaner than those derived from plants," Cellular Goods says on its website.

"On a cellular level, they are bio-identical to plant-based cannabinoids and far more sustainable."

Sources said that Cellular Goods was expected to raise £8m through a share offering that would value the company at £20m.

Novum Securities and Tennyson Securities are acting as brokers on the float.

Cellular Goods is chaired by Peter Wall, who was involved with Argo Blockchain, the LSE's first crypto-asset company listing.

Mr Abraham said in a statement issued to Sky News: "We are poised to be the first pure-play cannabinoid company to list on the main market of the LSE.

"There is enormous potential for growth in this sector as we see the public embracing the importance of wellness and self-care, and everyday more scientific studies are published validating the potential of cannabinoids.

"The planned listing will provide us with the capital and credibility to serve a market where there is a clear unmet need for a go-to brand."

A spokeswoman DB Ventures declined to comment.