David Beckham invests in synthetic cannabis company that makes athletic recovery products
David Beckham is backing a company making synthetic cannabis to be used in skincare and athletic recovery products.
Cellular Goods, which the former England star has invested in through his business DB Ventures, will become the first company of its kind to float on the main London stock market.
Beckham has taken a minority stake and is understood to believe products containing cannabidiol (CBD), the non-psychoactive product of the plant cannabis, could become popular.
It will fit in with a growing investment portfolio which, along with brand and advertising deals, allowed the Beckhams to pay themselves £40,000 per day in 2019.
David Beckham has taken a minority stake in Cellular Goods, which produces synthetic cannabis to be used in skincare and athletic recovery products
Their net worth is said to be in excess of £300million, despite Victoria Beckham’s fashion brand making a loss for five consecutive years.
Cellular Goods, when it floats, is expected to be valued at around £20million.
Its CBD is made in labs rather than from cannabis plants, which the company says is more sustainable.
Synthetic CBD also avoids any concerns over THC, the substance found in cannabis responsible for its intoxicating effect.
There are thought to be more than 1.3million Britons using CBD products in a market that has grown exponentially.
CBD has also been touted as the next big thing in skincare with manufacturers claiming it has anti-ageing properties.
Some cannabis-based products are also available on prescription for severe epilepsy, nausea caused by chemotherapy and spasms caused by multiple sclerosis.
Others claim low doses can be used to treat stress or anxiety. It means that hemp and cannabis derivatives, once the preserve of hippies, can now be found in Boots or Holland & Barrett.
Valued at around £20million, Cellular Goods is set to become the first company of its kind to float on the main London stock market
Major investors have started to circle in the hope of getting behind a rapid growth area, boosted by the legalisation of cannabis in some US states.
Cellular’s boss Alexis Abraham told Sky News, who first reported the story: ‘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.’
DB Ventures was contacted for comment.