AUSTRALIA: In the United States, it is known as the dot bong boom. And although in Australia cannabis does not – yet – flow as freely, the first medical marijuana company is about to list on the Australian Securities Exchange.
Perth-based PhytoTech Medical will lodge its disclosure document in late November, with the aim of raising $5 million through 25 million shares at 20¢ each. The float will be fully underwritten by BBY.
At its helm is Ross Smith, 51, who rode the highs and lows of the dotcom boom and who has a long and colourful history with both marijuana and sharemarket floats. Mr Smith, Israeli-based, smoked and sold cannabis as a teenager and young man, and was convicted and fined $15,000 for possessing and cultivating marijuana in 1989.
Although listed on the Australian Securities Exchange, PhytoTech will use marijuana grown in California and Uruguay to develop medical products in Israel. These will then be sold in Israel, Europe, the US and Canada.