Israeli cannabis firm lists £6.5 million shares on London Stock Exchange

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Israeli cannabis firm lists £6.5 million shares on London Stock Exchange

MGC Pharmaceuticals looks to break into the UK market despite laws in the field lagging behind the rest of the world

Cannabis plants. 

Photo credit: Gareth Fuller/PA Wire
Cannabis plants. Photo credit: Gareth Fuller/PA Wire

An Israeli firm deriving medicines from cannabis listed shares on the London Stock Exchange this week, despite UK laws in the field lagging behind other countries.

MGC Pharmaceuticals issued £6.5 million shares in the British capital, having already listed in Australia, as it eyes the European, North American, and Australasian markets.

Cannabis based products for medicinal use contain cannabinoids derived from the cannabis plant. These include tetrahydrocannabinol (THC) and cannabidiol (CBD).

Synthetic cannabinoids for medicinal use typically mimic the effects of specific cannabinoids such THC, which is the constituent of cannabis that causes the ‘high’. CBD, by contrast, is not intoxicating at typical doses.

From November 2018, some unlicensed cannabis-based products were allowed to be prescribed for the first time in the UK, but only by doctors on the relevant Specialist Register of the General Medical Council.

They are currently used to treat chronic pain, some treatment resistant epilepsies, and nausea and vomiting caused by chemotherapy.

MGC Pharma focuses on phytocannabinoid derived medicines used to treat some cancers, neurological conditions, and auto-immune diseases. It also produces ArtemiC, which is being used to treat Covid-19 infected patients.

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