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FastForward disposes of Aphria stake ahead of Canada's push to legalise recreational marijuana
UK investment firm FastForward Innovations completed the sale of its shares in cannabis oil producer Aphria on Monday ahead of legislation in Canada to legalise the use and sale of recreational marijuana.
Some 14 months after FFWD's initial investment in Nuuvera, which was subsequently acquired by Aphria in March 2018, the AIM-listed group announced that it had seen a "crystallised gain" of approximately CAD $11.4m from the sale.
FFWD stated that it would continue to assess viable early stage investments in the medical cannabis space.
Jim Mellon, chairman of FastForward, said, "This is a great example of FFWDs investment strategy delivering significant return from early stage entry and effective exit strategies. While we very much believe in the Medical Cannabis industry, we now understand Aphria is due to enter the recreational market which impedes our ability to continue to hold shares."
As of 1330 BST, FastForward shares had lost 6.22% to 15.24p.