As they say on the football terraces , or should we say, used to say when they actually used to have crowds at football games
Here We Go , Here We Go , Here We Go….
The first cannabis business to IPO on the London Stock Exchange has seen its shares double on debut, underlining the appetite among UK investors to gain exposure to the fast-growing sector.
Shares in Kanabo (KNB.L) hit just over 20p shortly after the open on Tuesday, as the stock officially began trading in London. The stock was still up 60% after around 20 minutes of trade, changing hands at 16.30p.
Kanabo makes vaporised marijuana pods and inhalers for medicinal use. The Israeli company also makes CBD products for the “wellness” market.
Kanabo is the first cannabis company to hold an initial public offering on the London Stock Exchange after the UK’s financial watchdog last year cleared the way for legal weed businesses to join the market. However, Kanabo is the second cannabis stock to be traded in London, after Australia’s MGC Pharmaceuticals dual listed its shares on the market last week.
We are proud and happy to be listed on London Stock Exchange,” chief executive Avihu Tamir said in a statement.
“We share the enthusiasm shown by the investment community in the UK for this important day. The reaction we have seen since we published our prospectus two weeks ago has been overwhelming.”
Kanabo’s raised £6m ($8.3m) in the IPO but the fundraising was 300% oversubscribed due to strong demand among investors, Tamir told Yahoo Finance UK in a recent interview.
