Oxford Cannabinoid Technologies is set to become the latest cannabis company to list on the London Stock Exchange.
Founded just four years ago, the oxford cannabinoid technolgy start-up is aiming to raise £16.5m from an initial public offering.
The company joins a rush of similar businesses heading for the capital’s financial markets since the Financial Conduct Authority opened the flood gates in September 2020.
Israel-based Kanabo became the first to list in February and several more have followed suit.
Unlike other medical cannabis firms, OCT is engaged in developing synthetic compounds which mimic the functions of chemicals found in the plant.
The company already counts rapper Snoop Dogg and tobacco giant Imperial Brands among its big name investors.
After its IPO on Friday the company is expected to be valued at £51.5m.
Proceeds from the IPO will be used to take its two most promising drug candidates to clinical trial, the Financial Times reports.
Neil Mahapatra, OCT co-founder and executive chair, told the FT: “We were thinking about a private funding round but market conditions appear buoyant for our type of company.”
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