Investor: Snoop Dogg is a partner at cannabis-focused venture capital firm Casa Verde
A British biotech startup backed by Snoop Dogg is leaving the “turbulent” London stock market after losing 97 percent of its value.
Oxford Cannabinoid Technologies said it was delisting due to “continued, 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 cap companies, particularly in the biopharmaceutical space.
“Companies have lost 80 to 90 percent of their value and once you’re down there, it’s hard to make progress to start going up again.”
The company uses cannabinoid-based medicines and will list in London in 2021.
American rapper Snoop Dogg is a partner in cannabis-focused Casa Verde, which invested £8m in 2018 in a company now valued at $1.9m.
