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.
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.