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David Beckham-Backed Cannabinoid Firm Cellular Goods Kicks Off IPO

  • Shares in the IPO are offered at fixed price of 5 pence each
  • London listing is expected to raise proceeds of $11 million

Cellular Goods Plc, a provider of cannabis-based consumer products backed by retired soccer star David Beckham, started taking investor orders in an initial public offering on the London Stock Exchange.

Shares in the U.K.-based company’s offering are marketed at 5 pence apiece, according to a pathfinder prospectus published Monday. The IPO is expected to raise 8 million pounds ($11 million), with Cellular Goods looking to use proceeds to develop and launch products.