Marijuana shares in the UK have been rising quickly, with investors now looking toward a new investment class in the market: medical marijuana shares. Last week, MGC Pharma, which is London’s first marijuana stock, debuted on the London Stock Exchange. The firm raised £6.5 million ($9 million) on its premiere, with the stock moving to 4.25p (59 cents) a share from a 1.475p (25 cents) per share opening price. This left the company with a market cap of more than £75 million ($104 million). In a way, the increase in the London stock mirrored the American market, when investors from Reddit’s r/WallStreetBets forced the price of various marijuana stocks to rise on the back of an Aphria and Tilray merger. The likelihood of President Joe Biden’s administration federally legalizing the marijuana industry has also helped.

CannabisNewsWire, 02/22/2021 04:20:00

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