Greencare raises £515,000 in NEX flotation
Medicinal cannabis investor Greencare began trading on the NEX Exchange Growth Market on Monday, raising approximately £515,000 in the process.
Dealings in the group's 12.05m ordinary shares commenced at 0800 GMT under the ticker GRE and ISIN Code GB00BJBYK814.
The London-based firm revealed in its admission document that its investment strategy would be focussed on cannabis sectors within countries that have "well-developed and reputable laws and regulations" - predominantly in Europe - for its production, research and distribution. It will also invest heavily in the CBD and Hemp sectors.
The group believes that numerous investment opportunities exist within the wellness industry and the fast-growing production/distribution world.
Greencare will not invest in the recreational cannabis sector.
Chief executive Fabio Carretta said: "We aim to take advantage of value disparities within the relatively immature sector and are already considering a number of potential investments.
"Being on NEX will enable us to implement our investment strategy by improving our negotiating position and providing access to further funding should it be required."
As of 0825 GMT, Greencare shares were unchanged at 25p.