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“The key here is getting cannabinoids into the hands of patients, and the way you do that is through the drug development process.”
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Oxford Cannabinoid Technologies (OCT), a medical cannabis company focused on drug development and the pain market, was listed on the London Stock Exchange.
The company, which Snoop Dogg has among its early investors, raised £ 16.5 million ($ 28.2 million) in its IPO, reports CNBC.
The cannabis mutual fund Casa Verde Capital, backed by Snoop Dogg, is raising another $ 100 million
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John Lucas, the company’s CEO, told CNBC that the IPO will be used to develop four new drugs.
“The key here is getting cannabinoids into the hands of patients, and the way you do that is through the drug development process,” said Lucas.
“With medical cannabis, the problem is that doctors can’t prescribe it, so we want a drug that we can get into the hands of doctors, into the hands of patients,” he added.
Two of the company’s drugs will enter clinical trials after the IPO. According to Proactive Investors, OCT has a proprietary library of 93 cannabinoid derivatives.
Bloomberg reports that tobacco giant Imperial Brands holds around 11 percent of the company’s shares, while Casa Verde Capital LLC, with which California venture company Snoop works, holds around two percent of the shares.
In a statement, Neil Mahapatra, co-founder and CEO of OCT, said the company has a product pipeline to “meet the unmet needs of the global addressable pain market of £ 42.5 billion (US $ 72.5 billion)”.
“Our goal is to become the world leader in the supply of prescription drugs for the endocannabinoid system. This listing is an important step in the OCT’s journey, ”he added.
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