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MGC to tap UK markets with London listing

Medicinal marijuana player, MGC Pharmaceuticals, is looking to tap into one of Europe’s largest public markets through a dual listing on the London Stock Exchange in the second half of the 2019 calendar year.

The company has now engaged Canaccord Genuity Australia to lead the planned dual listing and as equity capital markets advisor to broaden MGC’s profile with institutional investors in Australia, the UK, Asia, and North America.

MGC will be one of the first medical cannabis companies to list on the London Stock Exchange following the November 2018 change in UK legislation, which paved the way for doctors to prescribe medical cannabis to patients under certain circumstances.

MGC has also recently received firm commitments for a $4.75 million share placement priced at 4 cents per share.

Existing shareholders will be offered shares at the same price under a $1 million priority offer.

Proceeds will be used to fund the company’s ongoing production operations, sales of pharmaceutical-grade cannabinoid derived medicines, the initial construction works on its Malta Good Manufacturing Practice Pharma facility and the costs of undertaking the dual listing.

Managing Director Roby Zomer said: “… we have rapidly advanced the business, delivering material results through ground-breaking research and development, increasing our distribution channels globally, opening new markets, strengthening our partnerships with academic institutions and widening our growing and manufacturing capabilities.”

“Recent research on the effectiveness of cannabinoids on brain cancers is potentially transformative … and the commencement of the construction of the Maltese GMP compliant R&D and manufacturing facility will be pivotal to providing a gateway to key European and global markets.”

 

NB: This article is for general financial markets news purposes only and is not to be taken as an endorsement of, or advertisement for any individual product, medicine or drug. 

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