Cann Group shares have had a stellar rise during the medicinal cannabis grower's first day of trading on the Australian share market.
Cann Group's shares opened at 65 cents and shot to a high of 77 cents before ending the session at 64.5 cents - more than double the issue price of 30 cents per share.
Cann Group chairman Allan McCallum said the good start reflected strong demand from investors through the initial share offer process.
Cann Group raised $13 million in its initial public offering.
The company intends to grow medicinal cannabis for the Australian market at facilities in Melbourne, has licences from the Office of Drug Control to conduct research and cultivate medicinal cannabis, and expects permits for its first crop soon.
"We're pushing on and expect to have our first plants in cultivation in our facility within the next two weeks," chief executive Peter Crock said.
The first crop would be for both research purposes and for patient use, he said.
"Before Christmas, we'll have product that will be going for patient use on commercial terms," he said.
Cann Group will use the funds raised in its share offer to expand into a second production facility in Melbourne that will incorporate research activities and significant capacity for cultivation.
The funds will also be used to support clinical studies and for working capital.
