The Company took £175,000 of the issue, funding its investment in the 24-month CLN through its existing cash resources.
The CLNs are being issued ahead of CiiTECH’s intended reverse takeover by Fragrant Prosperity Holdings Limited, (LSE: FPP) announced on 24 May 2021. CiiTECH will use the capital raised via the CLN 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, Chief Executive Officer 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.
“We look forward to supporting CiiTECH with its aggressive growth as it advances towards a London listing.”
FastForward Innovations Ltd
8.27 GBX+0.12 (1.47%)today
5 Jul, 4:27 pm GMT+1 ·Disclaimer