Oxford Cannabinoid Technologies (OCT), a medical cannabis company focused on drug development and the pain market, has launched on the London Stock Exchange . The company, which counts Snoop Dogg among its early investors, raised £16.5 million ($28.2 million) in its initial public offer, reports CNBC . Snoop Dogg-backed cannabis investment fund Casa Verde Capital raises another US$100 million Kevin Durant and Snoop Dogg invest in new cannabis delivery service It took doctors a year to diagnose her Lyme disease. Bedridden and in pain, she turned to cannabis John Lucas, the company’s CEO, told CNBC that the money raised from the IPO will go towards developing four new drugs. “The key here is about getting cannabinoids into the hands of patients and the way you do that is through the drug development process,” Lucas said. “The medical cannabis, the problem with that is that physicians cannot prescribe it, so we want a drug product that we can get into the hands of physicians, into the hands of patients,” he added. Two of the company’s drug products will be heading into clinical trials following the IPO. According to Proactive Investors , OCT has a proprietary library of 93 cannabinoid derivatives. Bloomberg reports that tobacco giant Imperial Brands holds about 11 per cent of the company’s shares while Casa Verde Capital LLC, the California-based venture firm Snoop is partnered with, has about two per cent stake. In a statement , Neil Mahapatra, OCT co-founder and executive chairman, said the company has a pipeline of products to “address the unmet needs of the £42.5 billion ($72.5 billion) global addressable pain market.” “Our aim is to become a global leader in the provision of prescription medicines targeting the endocannabinoid system. This listing is an important step in OCT’s journey,” he added.
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Source : Medical cannabis company backed by Snoop Dogg launches on London Stock Exchange
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