The first IPO of a European weed company was successful. The shares of the Danish company Stenocare increased by almost 300 percent in the first minutes of trading.
Stenocare went public on the stock exchange for 8,8 Danish krone (1,18 euro). A few tens of minutes later, investors paid 33,5 crown (4,50 euro) per share.
Stenocare is the first Danish company to be licensed to import, produce and sell cannabis oil. With the stock market flotation, the young concern raised around 18,6 million Danish krone (2,5 million euros).
Medicinal use of cannabis
Recreational use of cannabis is still largely illegal in Denmark. Only in the Christiana district in the capital Copenhagen is it tolerated. But since the beginning of this year, medicinal use of cannabis has been permitted and it is also possible to produce the products in Denmark.
The production and processing of cannabis can count on increasing interest from the business community due to the legalization of the use of weed in some countries. For example, the producer of Corona, Constellation Brands, has recently made a significant investment in a cannabis producer and Coca-Cola has stated that it will keep an eye on the market.
In the United States and Canada, some cannabis producers are already listed on the stock exchange, but this sometimes also creates strange scenes. Cannabis grower Tilray was in the news this week due to a significant rise in the group's share price. The company, which employs 330 people, was at one point worth as much as American Airlines, which has over 100.000 employees.
Read the full article Nu.nl (source)
