British cannabis company Oxford Cannabinoid’s research costs soar with support from rapper Snoop Dogg
British cannabis company Oxford Cannabinoid’s research costs soar with support from rapper Snoop Dogg
A British pharmaceutical company backed by rapper Snoop Dogg has said its losses have increased due to skyrocketing research costs.
Oxford Cannabinoid, which uses cannabinoid-based medicines to relieve pain, said it lost £7million for the full year to April, compared with a loss of £5.5million last year.
Research costs rose to £4.3m from £2.9m as the company cut spending by closing its London office to save £130,000.
Investor: US rapper Snoop Dogg is a partner in cannabis-focused venture capital firm Casa Verde, which invested £8m in Oxford Cannabinoid in 2018
Founded in 2017, the company has a partnership with the University of Oxford and will be listed on the London Stock Exchange in 2021.
Snoop Dogg is a partner at cannabis-focused venture capital firm Casa Verde, which invested £8m in the company in 2018.
Shares are down 81 per cent since trading at 5p and fell 9.8 per cent or 0.1p to 0.93p yesterday.
Last month, Oxford Cannabinoid announced that it would be expanding its research into treating cancerous tumors.