Cleadon Pharama Lists On Alternative Investments Market – First British Company To Join In 21 Years

Cleadon Pharama Lists On Alternative Investments Market – First British Company To Join In 21 Years
CANNANNEW REPORT

Business Cann CELADON Pharmaceuticals successfully listed on the Alternative Investments Market (AIM) this week, making it the first British company to join in 21 years. On Monday March 28 2022 Summerway Capital, which rebranded as Celadon Pharmaceuticals the following day, was admitted to AIM following an £80m reverse-takeover deal with Vertigrow Technology Ltd. Its admission represents a ‘huge milestone for Celadon’, according to the new entity’s CEO James Short, but also for the UK cannabis industry at large. Not only is it the second British cannabis company to go public in as many weeks, but Celadon is the second homegrown cannabis company ever to list on AIM, following GW Pharmaceuticals in 2001. Admission  The newly formed entity now has 61.7m ordinary shares in issue, giving it a market capitalisation at admission of £97.4 million at a share price of 158p. Since listing the company’s share price has dropped by just over nearly 7% to 145p, bringing its market cap to around £90m. The newly formed entity now owns a 100,000sq ft facility in the Midlands which has a licence to grow high-THC cannabis for the purpose of producing test batches until January 2023, with a UK-GMP licence and MHRA authorisation already in the works. It also owns a majority stake in LVL Health, a chronic pain clinic, alongside a minority stake in cannabinoid-based biopharmaceutical company Kingdom Therapeutics. This provides Celadon with a direct inroad into its target chronic pain market, which UK Government figures suggest could consist of 3 million patients, 50,000 of which its facility could service when it’s licenced and running at full capacity. Alongside organic growth, DLA Piper, who helped advise Celadon’s official broker and Nominated adviser Canaccord Genuity on the admission, says the reverse take over deal and recent £8.5m raise provides Celadon with a compelling foundation from which complementary…

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Source : Cleadon Pharama Lists On Alternative Investments Market – First British Company To Join In 21 Years

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