Perth medicinal marijuana company Phytotech starts trading on a high
Medicinal marijuana company Phytotech Medical has made a stellar stock market debut, with its shares doubling in value.
Shares in the Perth-based company surged from their 20 cent issue price to a peak of 40 cents within minutes of hitting the boards at 1400 AEDT.
The Perth-based company’s stock market listing comes as it looks to break into the multi-billion dollar US market, where medicinal marijuana is legal in several states.
Trading frenzy over ASX marijuana stock
Speculators have flocked to invest in the first medical marijuana stock, which has more than doubled in price on its first day of trading.
The company was seeking to raise $5.9 million through 30 million shares issued at 20¢ each, in the initial public offering underwritten by stockbroker BBY.
But by end of trading on Thursday, the share price had more than doubled to 42¢ apiece, as close to 13 million shares were traded and speculators bet PhytoTech Medical would quickly become an investor favourite.
Medical marijuana firm to join sharemarket 19/1/2015
A medical marijuana company is preparing to join the share market as debate over legalisation fires up.
Perth-based Phytotech Medical will target regulated medical cannabis markets in the US, Canada, Israel and Europe, and hopes to introduce products to Australia and New Zealand if laws permitting marijuana’s use are introduced.
The company plans to work with farmers in the United States and Uruguay to set up indoor and outdoor marijuana crops.
Marijuana firm set for ASX debut (aunewsyahoo)
Ross Smith’s Phytotech Medical is set to make its sharemarket debut on Thursday to become Australia’s first listed medical marijuana company.
The company, which wants to develop medical cannabis delivery systems to help those suffering conditions including chronic pain and cancer, easily reached the $5 million target under its initial public offering prospectus and two weeks ago agreed to take an extra $932,410, also at 20c.