|
Cannabis Campaigners' Guide News Database result:
|
|
UK: Six-To-One Fight As City Rushes For Cannabis
ccguide Friday 22 Jun 2001 Pubdate: Fri, 22 Jun 2001 Source: Guardian, The (UK) Copyright: 2001 Guardian Newspapers Limited Contact: Website: http://www.guardian.co.uk/guardian/ Details: http://www.mapinc.org/media/175 Author: Andrew Clark Cited: GW Pharmaceuticals http://www.gwpharm.com/ Bookmark: http://www.mapinc.org/find?323 (GW Pharmaceuticals) SIX-TO-ONE FIGHT AS CITY RUSHES FOR CANNABIS City fund managers have displayed a healthy appetite for dope, by stampeding for shares in Britain's only legal cannabis company, GW Pharmaceuticals. The Salisbury company, which is developing a cannabis-based treatment for multiple sclerosis, announced yesterday that its flotation has been over-subscribed by more than six times. Demand has been so strong that GW has made extra shares available, increasing the proceeds of the placing from UKP16m to UKP25m. Chairman Geoffrey Guy, whose stake will be worth more than UKP40m, said: "This is at the top end of our best expectations." GW grows 15 tonnes of cannabis a year, on a secret plantation in southern England. Its annual harvest could attract a street value of UKP65m, although not all of GW's cannabis is suitable for producing a "high" among users. The business, which is backed by the former GEC chairman Lord Weinstock, has attracted a valuation of UKP175m. It is carrying out clinical trials for a multiple sclerosis treatment, and has earlier-stage cannabis products for cancer and rheumatoid arthritis. The government has pledged to permit the use of cannabis-based pharmaceuticals, as long as they are approved by the medicines control agency. Analysts believe the market could be enormous. Julie Simmonds, an analyst at Beeson Gregory, said: "We can assume that it probably works." Proceeds from the flotation will fund larger scale plantations, clinical trials and expansion into Europe and North America. - --- MAP posted-by: Jay Bergstrom
After you have finished reading this article you can click here to go back.
|
This page was created by the Cannabis Campaigners' Guide.
Feel free to link to this page!