The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Press release

08 February 2023

Cellular Goods PLC

("Cellular Goods" or "the Company")

Termination of proposed acquisition

On 26 September 2022, Cellular Goods announced its proposed acquisition of Cannaray Brands Limited and Love CBD Health Limited from Cannaray Limited ("Cannaray") (the "Transaction"). The Company announces today that it has terminated negotiations in relation to the Transaction.

The Board concluded that, as a result of changes in the deal itself, it was not in the best interests of shareholders to proceed. 

In parallel with the Transaction, the Company has been proactively reviewing its product range, proposition, financials, strategy and opportunities. Its focus will continue to be to develop and expand the Company's business model and to position the Company for long term growth.

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About Cellular Goods PLC:

Cellular Goods is a UK-based wellness company that provides premium products based on lab-made cannabinoids. It was established in August 2018 to develop efficacy-led and research-backed cannabinoid-powered wellness products. The initial focus is on three product verticals: Feel Better, Look Better and Function Better. These three verticals encompass Cellular Goods' premium CBG skincare and CBD wellness with the first products launched in December 2021. The Company's shares are listed on the main market of the London Stock Exchange. www.cellular-goods.com.