FastForward Innovations (FFWD) invests in disruptive high growth technology and life sciences businesses. The company has this morning announced that it has completed the sale of its entire holding of debentures in Canada’s Cryptologic (formerly Vogogo) for around C$1.5m.
Cryptologic seeks cannabis pivot
As per announcements made by Cryptologic in August and September of 2019, Cryptologic, is seeking to pivot into the Canadian Cannabis Industry by way of a proposed acquisition of assets from the Wayland Group and the sale of its Bitcoin mining business. FFWD say the proposed resultant business of Cryptologic is not in line with its investment mandate and would have precluded the company’s continued involvement due to UK regulatory constraints. FastForward has therefore been looking at opportunities to realise its investment in Cryptologic in line with its evolved strategy to focus investments more specifically in the life science, health and technology arenas.
Ed McDermott, director of FFWD, commented: “We have been looking for opportunities to dispose of our interest in Cryptologic since the announcement that it would be considering the acquisition of Wayland and I am therefore delighted to have completed the sale in a timely manner. Whilst we have made a loss over the holding period, given the difficult trading conditions with serious impacts on profitability due to considerable fluctuations in the BitCoin price, we are pleased to have exited in the position that we have.”
FFWD: FastForward Innovations sells bond holdings in Cryptologic following proposed cannabis pivot