Peers join UK float fever with cannabis IPO
Two peers will help medical cannabis company equinox cash in when it lists on the London Stock exchange this year.
equinox is one of only a few businesses licensed by the Home office to grow cannabis in the UK.
Yesterday the company announced plans to tap London’s junior aim exchange for the cash to help build a 20-acre site to start making cannabis – which it hopes to sell to the Nhs.
equinox is targeting a ‘significant share’ of the medical cannabis market in the UK, which it said could be worth £7.5bn by 2028.
the business’s founder is also known for ‘cannabis lifestyle brand’ Mr nice which is stocked in Selfridges selling cannabis-themed clothing and CBD oil.
among its backers are Lord Cholmondeley, the Lord Great Chamberlain and a descendant of Britain’s first prime Minister Sir robert Walpole. eton alumnus Cholmondeley, 61, represents the Queen in parliament and sits on equinox’s board as a non-executive.
He married ex-model rose Hanbury (pictured right with her husband), who is 24 years his junior, at Chelsea town Hall in 2009 and they have three children, according to tatler.
another backer is the tory peer Baroness Manzoor, 63, former chairman of Bradford health authority, who is an independent non-executive director at the firm.
Co-founder and chief executive Xan Morgan said the UK medical market will be one of the biggest in europe and it can become a ‘British champion’. He said: ‘We have one of the first commercially scaled medical cannabis cultivation and production licences issued by the UK Home office.’ It was one of three companies to announce Ipo intentions yesterday as London was hit by float fever.
others lining up Ipos were battery tech company Gelion and e-learning and regulatory technology firm Skillcast.
Skillcast has raised £3.5m, valuing it at £33.1m. the firm serves blue-chip companies including Schroders, Fresnillo, and British Land.
Gelion will raise £16m selling shares at 145p, meaning it is worth £154.37m. It will be listed on the exchange from tuesday while Skillcast will float on Wednesday.
plant-based meal replacement maker Huel has also reportedly hired Goldman Sachs and Jp Morgan as advisers to look at options including a sale, but a flotation is its preferred choice.
Founder Julian Hearn is in line for a fortune worth hundreds of millions of pounds as the drinks maker gears up for a London listing that could value it at up to £1bn.