Tuesday 18 May 2021 11:01 am

Snoop Dogg-backed company making painkillers from cannabis to list in London

A pharmaceutical company that develops cannabinoid-based prescription medicine and is backed by Snoop Dogg will list on London’s main market later this week.

The listing is expected to take place on Friday 21 and will value the company at around £48m. The public offering has been heavily oversubscribed.

Oxford Cannabinoid Technologies (OCT) aims to develop cannabinoid-based prescription medicines to treat pain.

The company counts Snoop Dogg among its backers. The rapper’s venture capital from Casa Verde Capital, which focuses on the cannabis industry, has invested $10m into the business.

CEO John Lucas said: “At OCT we aim to become a global leader in the development of prescription medicines targeting the endocannabinoid system, and this IPO will allow us to continue our exciting journey, taking our pipeline of drugs through the next stage of development.”

In September, the Financial Conduct Authority allowed medicinal cannabis companies to list on the LSE, opening up the UK market to a growing sector already popular in North America.

The regulator’s green light led to a flurry of activity, with companies like Kanabo Group and MGC Pharmaceuticals enjoying profitable market opens.

Last week City A.M. reported that cannabis company Hellenic Dynamics plans to float on the stock exchange next month.