Medicinal cannabis firm MGC Pharmaceuticals has announced plans to float on the main market of the London Stock Exchange.
MGC Pharma is a European-based bio-pharma company specialising in the production and development of phytocannabinoid-derived medicines.
As part of the listing process, the company intends to raise gross proceeds of approximately £6.5m via institutional and other sophisticated investors in the UK.
The UK listing would be in addition to its primary listing on the Australian Stock Exchange.
The news follows a ruling in September 2020 by the Financial Conduct Authority that allowed medicinal cannabis companies to list on the main market of the LSE.
MGC Pharmaceuticals co-founder and managing director Roby Zomber said: “Our listing is the culmination of the last six years of hard work, positioning MGC Pharma as a leader in the emerging phytocannabinoid pharmaceutical sector.
“Admission will reflect our European-based research operations, as well as enabling the Company to engage with investors in the UK, Europe, Africa and the Middle East.”
For years, advocates of medicinal cannabis products have predicted that the industry is set to revolutionise healthcare – and make investors a tidy profit. That time may finally be coming.
City law firm Memery Crystal advised on the listing, and CEO Nick Davis was instrumental in opening up the London market to medicinal cannabis companies.
“Medicinal cannabis is one of the world’s fastest growing and most innovative industrial sectors, and we are really pleased to be at the forefront of this new area,” he said.
“It has been an exciting journey assisting MGC Pharma as its trusted partner in the UK as it looks to access to vast new pools of capital that listing in London has to offer.”