Investor: Snoop Dogg is a partner in cannabis-focused venture capital firm, Casa Verde
A British biotech start-up backed by Snoop Dogg is to ditch the ‘turbulent’ London stock market after losing 97 per cent of its value.
Oxford Cannabinoid Technologies said it was delisting following a ‘continuous, irrational and regressive pressure’ on its share price.
Chief executive Clarissa Sowemimo-Coker said: ‘It has been a turbulent time. The last 12 to 24 months have been especially challenging for small caps, particularly in the biopharma space.
‘Companies have lost 80 per cent or 90 per cent of their value and once you’re down there, it’s difficult to make any inroads to start climbing back up.’
The firm uses cannabinoid-based medicines and listed in London in 2021.
American rapper Snoop Dogg is a partner in cannabis-focused Casa Verde, which invested £8million in 2018 in a firm now valued at 1.9million.