Medical cannabis stock lists and then puff, it doubles

No, Diary hasn't been smoking something. Shares in medical cannabis company PhytoTech (ASX: PYL) really did double on their market debut today, with the 20c IPO stock closing at a head-spinning 42c.

PhytoTech, which lays claim to  being the first medical-grade cannabis company on the ASX, raised $5.9 million in an over-subscribed float at 20c a share.

Chaired by Perth lawyer Peter Wall,  with prominent entrepreneur Ross Smith as an executive director, PhytoTech is seeking to develop ways to administer cannabis-related products for medical purposes.

While some wags might suggest that this was established long ago, PhytoTech is bringing a global level of sophistication to what it describes as a burgeoning market.

It also plans to grow proprietary strains of medical-grade cannabis in California and Uruguay, among other places.

The company will pursue its goal as part of a research and licensing agreement with the Yissum Institute, the research and development arm of Hebrew University in Jerusalem.

Yissum's partners include multi-nationals such as Microsoft, Johnson & Johnson, Roche and Monsanto.


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