Snoop Dogg-backed cannabis biotech startup to quit ‘turbulent’ London stock

She said this was having knock-on effects when it came to bringing new treatments to market: “Things do take longer when you’re trying to stretch for capital. You inevitably slow down drug development.”

Ms Sowmimo added: “We anticipate that as an unlisted company, a far larger pool of capital may be available to us, and therefore it is right for us to make this change.”

The British biotech, which landed a $10m (£8m) cash injection from Snoop Dogg five years ago, joined the London Stock Exchange in 2021. Since then, it has lost 97pc of its value. The company said it expected to go public again “in due course” but that it was more likely that this would be in the US. 

Ms Sowmimo-Coker said: “We’re intending to go away for a few years and we’d hope that the London markets will have undergone a rejuvenation by then. But also Nasdaq is an opportunity and lots of others are going there.”

Ms Sowminmo-Coker said there was a “fair bit of red tape” in the market and also called for more to be done on bolstering institutional investment into companies following years of dwindling support. 

The announcement will add to growing concerns over the future of the London market, which has been battling a wave of company exits in recent months. Biotechnology companies, in particular, have been vocal in their criticism of London’s public markets, which bosses have claimed is preventing early-stage research businesses from being able to spend on new treatments. 

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