The race to be the first cannabis company to list on the London Stock Exchange is on after MGC Pharmaceuticals company said it hopes to do so in a matter of weeks.
In a press release MGC Pharmaceuticals said it had has secured commitments to raise $4.75 million from ‘sophisticated and professional investors’ at an issue price of 4 cents a share.
The ‘seed to pharmacy’ business will also undertake an offer of shares to existing shareholders to raise up to an additional $1 million at the same issue price.
MGC Pharmaceuticals Trades On Aussie Market
If successful, this will mean a dual listing for MGC, which is already trading on its home Australian turf; it has engaged Canaccord Genuity in Australia to act as its equity-capital markets’ advisor.
The company’s co-founder and managing director Roby Zomer said the level of interest shown in MGC is a ‘testament to the opportunity that our businesses offers investors in providing exposure to the fast growing medicinal cannabis market and our unique seed to pharmacy strategy’.
MGC Pharmaceuticals has been busy of late and recently announced the signing of a memorandum of understanding with the Maltese government which to create an 11 million Euro medical cannabis manufacturing plant in the Mediterranean island country.
Israeli Company Looks To London
Financial news website Stockhead reports that the cash raised will be used for a number of purposes ‘including ongoing production and sales of its pharmaceutical medicinal cannabis products and construction works at its Maltese manufacturing facility, in what is proving to be a very prosperous period for the company’.
Israel’s Kanabo Research recently revealed it was planning to launch on the London Stock Exchange in the next few weeks, too. Meanwhile London-listed oil and gas explorer, turned CBD company Highlands Natural Resources says it will now concentrate solely on the latter.
From Oil And Gas To CBD Oil
In its latest market release its announced that chairman and chief executive Robert Price is leaving the company to pursue other interests. It goes on to say that it aims to conduct an orderly sale or closure of its natural resources businesses and become a ‘vertically-integrated CBD company’.
This transition will be overseen by new chief executive by Nick Tulloch, who joined the company earlier this year as finance director. Highlands is listed on the AIM market, a subsidiary of the London Stock Exchange.
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