The hotly anticipated float of Oxford Cannabinoid Technologies will take place in London today.
The British cannabis research firm, which is backed by US rapper Snoop Dogg, is the latest in a flurry of marijuana-based companies to opt for a UK listing.
OCT will raise £16.5million from the initial public offering and its valuation after the listing is expected to be £51.5million.
Investor: Oxford Cannabinoid Technologies, which is backed by US rapper Snoop Dogg, is the latest in a flurry of marijuana-based companies to opt for a UK listing
The company focuses on developing pain relief treatments using cannabinoids and has four potential drugs in the pipeline.
It is understood the market for such painkillers is worth more than £42.5billion globally.
OCT will use the funds to prepare drug candidates for clinical trials from next year and is aiming to commercialise its first drug within the next six years.
Kingsley Capital, a London private equity and venture capital business, set up OCT in 2017 to fund research at Oxford on cannabinoids.
Kingsley Capital owns 32.2 per cent and Imperial Brands, the tobacco giant, has 16.9 per cent.
But the company’s most famous shareholder is Snoop Dogg who has a 3.2 per cent stake via his venture firm Casa Verde.
The UK has been a hotspot for cannabis firms looking to list. Cellular Goods, backed by David Beckham, went public in February.
Medical marijuana was legalised in the UK in 2018 for a narrow set of purposes, but recreational use is against the law.
Neil Mahapatra, OCT co-founder, said the decision to list in London followed last year’s decision by the Financial Conduct Authority to allow medicinal cannabis companies to list in the UK.
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