Kanabo shares hit over 20 pounds from 6.5 pounds shortly after the open on Tuesday on the company’s debut in London. According to Yahoo! Finance, the stock’s rise reflects the appetite among U.K. investors to gain exposure to the fast-growing sector.
- Kanabo’s raised 6 million pounds or $8.3 million in the IPO, but the fundraising was 300% oversubscribed due to strong demand among investors.
- Kanabo, an Israeli company, makes vaporized marijuana pods and inhalers for medicine use and manufactures CBD products for the “wellness” market.
- The company is the first cannabis entity to hold an initial public offering on the London Stock Exchange after the U.K.’s financial watchdog cleared the way for legal weed businesses to join the market.
- Kanabo also dubs as the second cannabis stock to be traded in London after Australia’s MGC Pharmaceuticals dual-listed its shares on the market last week.
- Cannabis is becoming one of the hottest investment markets globally after weed was legalized for recreational use in parts of North America.
Kanabo stock is currently gaining. KNB: LSE is up 85.00%