SEED Innovations Ltd (AIM:SEED), an investor within the medical cannabis, health and wellness space, said it participated in the latest US$9.7mln financing round by its portfolio company, Yooma Wellness Inc (CSE:YOOM, OTC:LVVEF).
SEED has invested a further £220,000 in the Canadian CBD and hemp wellness brand at a price of C$0.90 per share.
The investment is conditional upon Yooma’s admission to trading on the AQSE Growth Market, which is expected to take place on 10 August. Yooma's shares are already listed in Canada.
"Yooma continues to go from strength to strength and with the funds now in place which will support their pipeline of potential acquisition targets, I am excited about Yooma's growth prospects,” said SEED chief executive Ed McDermott.
"With recent news of their intended dual listing on the AQSE Growth Market we are confident in Yooma's plans to build a global wellness company. This additional investment will also add to SEED's expanding exposure to listed cannabis-focused investments and the wellness market."
Yooma has forecast revenue of US$17.1mln in 2021 and said it has a strong pipeline of possible acquisition targets.
SEED, which currently has a 5.1% interest in Yooma, expects to continue to hold around 5% of the company on its admission.