FT Report: Celadon becomes first UK medical cannabis group to win right to sell in Britain Share Price Shoots Up 23%

The FT writes

Update to Home Office licence will allow London-listed pharmaceuticals group to pursue supply deals
Celadon Pharmaceuticals has become the first UK-based medical cannabis manufacturer to be granted a Home Office licence to sell its products in the UK since government reforms opened up the industry in 2018. The London-listed company can now pursue supply deals to sell its cannabis oil to specialist private clinics with the right to prescribe medical cannabis, as well as to universities and pharmaceutical companies conducting research and development. Celadon was previously only allowed to cultivate the plant and manufacture its high tetrahydrocannabinol (THC) cannabis oil under its Home Office licence. But on Tuesday, the Home Office updated Celadon’s licence allowing it to sell the product, after its 100,000 sq ft manufacturing facility in Birmingham was granted a Good Manufacturing Practice registration by the UK’s Medicines and Healthcare products Regulatory Agency in January this year. “It’s a heck of a milestone,” said James Short, Celadon’s chief executive. “But after four years and tens of millions [of pounds] of investment . . . we’ve done it.” Celadon, which was founded in 2018, now expects to be generating revenues by the end of the year and achieve a quarter of positive earnings before interest, taxes, depreciation and amortisation in 2024. Shares in Celadon, which is listed on London’s junior Aim market, jumped by 23 per cent on Tuesday afternoon to £1.45, valuing the company at more than £85mn. The company listed early last year and before was then was bankrolled by several high-net worth backers alongside Short himself.

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https://www.ft.com/content/e0954eb4-af0a-45ed-8d43-267de7da7337

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