That’s a high! Beckham-backed cannabis firm sees shares soar

DAVID Beckham added another £4.3m to his fortune yesterday after cannabis company Cellular Goods rocketed during its stock market debut.

Shares in the group soared 340pc during its first day of trading to 22p.

It had gone public at 5p per share, valuing it at £25m – but by the market close last night the company was worth £110m.

The former England star owns a 5pc stake in Cellular Goods through his business DB Ventures. His holding was initially worth £1.25m. The City has been clamouring to invest in cannabis-related companies since regulators last year relaxed rules around them joining the London Stock Exchange.

Cellular Goods’ wildly successful float follows hot on the heels of MGC Pharmaceuticals and Kanabo – which also both went public this month. Cellular Goods is developing skincare and athletic recovery products containing cannabidiol (CBD), the non-psychoactive product of the plant cannabis.

CBD has surged in popularity over the last couple of years and is often used in creams or drops as a relaxation aid.

Beckham, 45, was an early backer of the group, which was founded in 2018.

The investment fits into a growing portfolio. Their net worth is said to be in excess of £300m – despite former Spice Girl Victoria Beckham’s fashion ventures racking up huge losses.

Beckham (pictured) spent £250,000 buying 25m shares priced then at 1p, which at the time was a 10.2pc stake. But in order to float, the firm sold £13m of new shares, diluting his holding to 5pc.

Cellular made a loss of £330,000 last year on zero revenues – but has said it plans to launch a line of products in September.

MGC Pharmaceuticals and Kanabo also joined the LSE this month and investors are hoping London will become a hub for one of the world’s fastest-growing industries. It is also popular with retail shareholders – with around 6,000 taking part in the float via the Primary Bid platform.

Kanabo, which makes inhalers containing cannabis that can help tackle insomnia, almost tripled in value on its first day of trading last week.

The market for cannabis-related products is expected to grow to £50bn a year over the next five years.