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FastForward invests in Nuuvera

FastForward Innovations Limited, has today subscribed C$3 million for an approximate 4.7 per cent. equity interest in Nuuvera Corp., a Canadian incorporated private company focused on medicinal marijuana opportunities. FFWD has subscribed as part of a C$43.65 million fundraise that Nuuvera has now closed.

Nuuvera is a newly incorporated Canadian company that has been incorporated to capitalize on the increasing global deregulation of medicinal marijuana, with a particular focus on opportunities in Canada.  The Nuuvera founders include JJR Private Capital Inc. Mr Lorne Abony, the Chief Executive Officer of FastForward, has joined the Board of Nuuvera. The proceeds of the Nuuvera Funding will be used to advance applications for licensed producer and licensed dealer licenses in Canada, possible acquisitions of strategic production licenses, development of distribution channels, brand development, and for working capital and general corporate purposes. Nuuvera also intends to seek to develop a state-of-the-art production facility in Canada and is in late stage discussions to receive a very significant government backed incentive program.

Commenting on the investment Lorne Abony noted: “We are delighted to complete our investment in Nuuvera.  There is a global secular trend toward the legalization of marijuana.  Like me, the whole Board believes recent deregulation of marijuana for medical use in Canada, and other jurisdictions, presents a huge market opportunity.  We are delighted that FFWD shareholders are able to participate in this exciting sector and believe that this investment will prove a huge success for the Company.  The founders of Nuuvera have put together an incredible team and I am delighted that I will also be joining the Board of Nuuvera.  Demand for the fundraising completed by Nuuvera has been unprecedented in my experience, and some of the biggest names in Canadian business, with huge success behind them, are shareholders of the company.  It is an enormous validation of the FFWD strategy and mission statement that we have invested C$3 million in this deal, providing UK investors with early market access to deals that would otherwise be closed to them.”

FastForward has now fully invested its available cash resources.  The directors are working hard to realise exits for existing investments above cost over the next 12-18 months to provide the company with additional cash resources to make further investments, including in the medical marijuana sector, or distributions in due course to FFWD shareholders.#

Related Party Transaction

Several of the Directors of the Company are interested in parties subscribing in the Nuuvera Funding on the same terms as the Company. In particular, Lorne Abony, Chief Executive Officer, is interested in investors subscribing for C$2 million of the Nuuvera Funding (for an approximate 3.1% interest); Galloway Limited, a company owned by a trust of which Jim Mellon, Co-Chairman, is a life tenant, has subscribed for C$1million (for an approximate 1.6% interest); and a company owned by a trust of which Stephen Dattels, Co-Chairman, is a potential beneficiary has invested C$500,000 (for an approximate 0.8% interest).

Whilst Lorne Abony is joining the Board of Nuuvera as a director, his remuneration for acting in this capacity will be recharged to Nuuvera by FFWD on a time allocation basis.

About Nuuvera

Nuuvera was incorporated in February 2017.  As at the date of this announcement the company has not commenced trading or operations. Canada currently permit, on prescribed conditions, the possession and production of marihuana and other authorized derivative products by persons whom become licensed producers under the Access to Cannabis for Medical Purposes Regulations and the sale thereof by such licensed producers to, among others, clients who hold required medical documentation as set out in the regulations.

FFWD : FastForward invests in Nuuvera

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