UK-based CBD firm Dragonfly Biosciences has delayed plans to launch on the ASX.

Late last year, the company said it was seeking to raise A$10 million via the float, issuing 50 million shares at 20 cents each. Funds would be used to accelerate global expansion and product development, with corporate advisory firm Finexia Securities acting as lead manager on the IPO.

A prospectus envisaged an ASX-listing valuing the company at $95m.

However, according to a report in The Australian, while the company remains publicly committed to the plan, investors have been told the IPO has been deferred “at the request of key parties essential to a successful float’’.

One letter reads: “Dragonfly and Finexia have liaised with various institutional investors who originally expressed a keen interest in the IPO. The overwhelming response from these stakeholders is to defer the IPO and review a number of key statistics in the offer, including valuation.

“The current sentiment in global equities markets has further compounded the company’s predicament, forcing the current course of action.’’

The Australian said it has contacted Dragonfly for comment, but has yet to receive a reply.

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...