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Cellular Goods PLC on Monday said its wholly owned subsidiary King Tide Carbon Canada Ltd has signed a memorandum of understanding with Springtide Seaweed LLC for the development of carbon sequestration and removal services through kelp farming.
The London-based skincare and wellness company providing consumer products formulated with lab-produced cannabinoids said under the two-year long joint venture, Springtide Seaweed will cultivate kelp in thestate of Maine on behalf of King Tide.
Springtide Seaweed is a Maine, US-based organic seaweed aquaculture company.
Shares in Cellular Goods were up 3.7% at 0.70 pence each in London on Monday afternoon.
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