The London Stock Exchange Opens For Business With The Cannabis Industry
The newly Brexited City of London is broadening its reach to allow cannabis firms to list on the LSE. This development is absolutely because of the European divorce, but also a sign of the potential, if not appetite, for further sector development domestically.
Cannabis reform has marched slowly forward in the UK since 2017. The LSE opening, however, could easily be the rocket fuel it needs. Indeed, early results have been nothing short of stratospheric.
Israeli medical vape maker Kanabo is the first firm to hold its IPO on the exchange (seeing a doubling in the value of its share price as a result). Australia’s MGC Pharmaceuticals was the first to actually list its shares (last week). A skincare company backed by football (soccer to Americans) legend David Beckham is also planning its debut—although they use a synthetic form of CBD.
As a result, London is poised to be a vibrant center of cannafinance. Especially as the other obvious exchange in close proximity, the Frankfurt-based Deutsche Börse has proven, so far, to be less than enthused about cannabis-related securities—certainly in contrast to its North American counterparts (see the TSX, the NYSE and Nasdaq). This is why, to date, there has