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Cellular Goods hails progress as it eyes product launches this year

The hotly followed Cellular Goods (LSE: CBX) has hailed the progress it has made as the CBD firm reaffirmed that it is on track to launch a trio of skincare products this year during the Autumn.

These products will be joined by a line-up of products aimed at the body maintenance and sports recovery markets during the first quarter of next year.

Regarding the latter products, CBX noted that the development of these products is accelerating with in vitro testing underway to validate the use of cannaboid-based products for dealing with muscular aches and pains following exercise.

Elsewhere, it is beefing up its sales channels ahead of its skincare products launching in the UK and Europe.

Sales will commence through its official website and it will look to generate sales through the power of social media and influencers with a number of social-media tailored websites in development to increase sales conversions

Talks with third party retailers are also ongoing.

Discussing today’s interim results which shown a half year loss of £2.12m (as the firm is still developing its product range) was Alexis Abraham:

“The most significant milestone we achieved in the first half was our heavily oversubscribed flotation on the London Stock Exchange which has provided us with a strong foundation and public profile to become the leading and front of mind brand for consumer cannabinoid products.

“The notable support for an IPO of our size validates the growing acceptance and potentially huge demand for cannabinoid-based products over the long term. Though it is still early days for Cellular Goods, we are making excellent progress in executing on our strategy, have a strong balance sheet and there are compelling industry fundamentals; all of this provides the Board with great confidence.”

The CBX share price is currently trading at 6.74p.

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