George Brown
The LSE represents the largest exchange in Europe, meaning MGC Pharma and other cannabis companies which gain listing, will have the opportunity to generate never-before-seen levels of investment from across the continent, whilst gaining greater exposure to traditional investment communities.
The company said it has secured binding commitments to raise £6.5 million through a placing to coincide with its listing and that a total of 441 million new shares will be issued at £0.01475 each.
Co-Founder and Managing Director of MGC Pharma, Roby Zomer, said:
“It took us over 18 months to complete this process because we wanted to move onto the next step. We are listed in Australia but we operate in Europe and our main facilities are in Slovenia so we want to be in closer proximity to our investors and shareholders.
“The UK stock market is already familiar with the story cannabis in the pharmaceutical sector and therefore we will have more understanding of our strategy and agenda.”
The timing of the listing comes at a good time for the industry, as a wave of cannabis legalisation initiatives are sweeping the US, following the election of Joe Biden as President.
A number of other cannabis companies are expected to join the LSE in the coming weeks, which is expected to drive a surge of interest in the wider cannabis industry across Europe.
