The medical cannabis company, backed by Snoop Dogg, launches on the London Stock Exchange

0
104

Breadcrumb Trail Links

“The key here is getting cannabinoids into the hands of patients, and the way you do that is through the drug development process.”

Author of the article:

The growthOp FILE: Snoop Dogg performs during the Strong Outdoor Launch Party on January 22, 2020 in New York City. FILE: Snoop Dogg performs during the Strong Outdoor Launch Party on January 22, 2020 in New York City. Photo by Bennett Raglin / Getty Images for Strong Outdoor

Article content

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.

  1. FILE: Snoop Dogg performs at Something in the Water on April 27, 2019 in Virginia Beach City on Day 2.  /.

    The cannabis mutual fund Casa Verde Capital, backed by Snoop Dogg, is raising another $ 100 million

  2. Rapper Snoop Dogg speaks at the C2 business conference in Montreal on Friday May 25, 2018. THE CANADIAN PRESS / Ryan Remiorz ORG XMIT: RYR104

    Kevin Durant and Snoop Dogg invest in a new cannabis delivery service

  3. Ashley Short (left) with her partner Tijen Yalchin.

    It took doctors a year to diagnose Lyme disease. Bedridden and in pain, she turned to cannabis

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.

Article content

We apologize, but this video could not be loaded.

Subscribe to Weekend Dispensary, a new weekly newsletter from The GrowthOp.