SHARES in an Oxford cannabis research company backed by US rapper Snoop Dogg soared in its debut on the London Stock Exchange.
The Evening Standard reports shares in Oxford Cannabinoid Technologies (OCT) jumped by 50 per cent to 7.5p in early trading before settling back at around 5p later on Friday morning.
ALSO READ: Police bust huge cannabis farm at Oxford house
The company, which creates cannabinoid-based medicines for pain relief and aims to be able to sell its first drug by 2027, is the latest in a string of companies in the industry to opt for a UK listing this year, after regulator the Financial Conduct Authority gave permission for medicinal cannabis firms to float.
OCT, which was founded in 2017 and has a partnership with Oxford University, placed 960.4 million shares at 5p per share, implying a market value of around £48 million.
The company made £16.5 million from the IPO.
Snoop Dogg is a partner in cannabis-focused VC firm, Casa Verde, which invested $10 million in OCT back in 2018 and will own around two per cent of the company post-IPO. Backers also include tobacco giant, Imperial Brands, which will have a holding of nearly 11 per cent after the float.
ALSO READ: Motorists buckle-up for huge Mile of Minis charity drive
Cannabidiol, the non-psychoative compound in cannabis plants, is used medicinally to treat conditions including insomnia and to relieve pain. Its pain relief market is thought to be will be worth…
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SHARES in an Oxford cannabis research company backed by US rapper Snoop Dogg soared in its debut on the London Stock Exchange.
The Evening Standard reports shares in Oxford Cannabinoid Technologies (OCT) jumped by 50 per cent to 7.5p in early trading before settling back at around 5p later on Friday morning.
ALSO READ: Police bust huge cannabis farm at Oxford house
The company, which creates cannabinoid-based medicines for pain relief and aims to be able to sell its first drug by 2027, is the latest in a string of companies in the industry to opt for a UK listing this year, after regulator the Financial Conduct Authority gave permission for medicinal cannabis firms to float.
OCT, which was founded in 2017 and has a partnership with Oxford University, placed 960.4 million shares at 5p per share, implying a market value of around £48 million.
The company made £16.5 million from the IPO.
Snoop Dogg is a partner in cannabis-focused VC firm, Casa Verde, which invested $10 million in OCT back in 2018 and will own around two per cent of the company post-IPO. Backers also include tobacco giant, Imperial Brands, which will have a holding of nearly 11 per cent after the float.
ALSO READ: Motorists buckle-up for huge Mile of Minis charity drive
Cannabidiol, the non-psychoative compound in cannabis plants, is used medicinally to treat conditions including insomnia and to relieve pain. Its pain relief market is thought to be will be worth…
