Vaporiser maker to be first medical cannabis firm listed in London
Kanabo issues prospectus for London Stock Exchange after clearance from FCA
An Israeli-founded firm that makes vaporisers is on course to become the first medical cannabis company to float on the London Stock Exchange next month, after regulators gave the green light.
Kanabo set a date of 16 February for its stock market debut and is setting its sights on the UK after securing £6m from investors, valuing the company at £23.2m.
The firm, which issued its float prospectus to potential investors on Friday, expects to be the first to offer UK investors shares in a company that makes money directly from medical cannabis.
It comes after the Financial Conduct Authority said last year that UK-based medical cannabis firms could list in London. Although Kanabo is originally an Israeli firm, it was bought by the UK-based cash shell company Spinnaker in 2019.
Kanabo makes a medical-grade vaporiser that uses cartridges of liquid derived from cannabis flowers.