A British pharmaceutical firm backed by rapper Snoop Dogg said its losses widened following soaring research costs.
Oxford Cannabinoid, which uses cannabinoid-based medicines for pain relief, said losses for the full year to April hit £7million, up from the previous year’s loss of £5.5million.
It came as research costs hit £4.3million, up from £2.9million, as it cut expenses 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 firm has a partnership with Oxford University and listed on the London stock market in 2021.
Snoop Dogg is a partner in cannabis-focused venture capital firm, Casa Verde, which invested £8million in the firm in 2018.
Shares are down 81 per cent since floating 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 the treatment of cancerous tumours.
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