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Investors may be flocking to Australia's first initial public offering in a medical marijuana company. Founder and executive director Ross Smith has high hopes for his Perth-based company, Phytotech, as it dreams of becoming the "George Clooney of medicinal cannabis."
According to Reuters, Phytotech is seeking to raise AU$5 million when it will be listed in the Australian Securities Exchange on Dec 22. Smith is already asking for AU$15 million worth of shares. He said that from the south of Earth's equator, no company is in the medical marijuana market. He revealed he wants to close it early since the IPO is "oversubscribed."
Phytotech was created in August to market medicinal marijuana and develop a disposable material to inhale the cannabis. Smith wants the advertising of the products to be along the lines of the Nestle Nespresso coffee machines featuring George Clooney.
Phytotech has plans of growing medicinal marijuana in Israel since it is the only country in the world that allows the export of cannabis, according to the IPO prospectus filed with the Australian Securities Exchange. The company wants to sell medicinal marijuana to Canada, Europe and the United States.
Reuters noted that Phytotech is positioning itself for the possibility of medical marijuana legislation in Australia. The cultivation and sale of marijuana is prohibited in the country. The legislation to allow the sale of marijuana and grow cannabis in some states is still before Parliament.
The price for Phyotech's IPO will be at AU$0.20 a share which is the minimum price set by the Australian Securities Exchange. The company is offering 25 million shares to potential investors.
Previous reports have indicated that shares in companies selling medical marijuana have become popular in the U.S. which led to what the market calls as the "dot bong" boom. Several states in the U.S. and 20 countries have allowed marijuana for medicinal use.
Phytotech is planning to acquire or invest in U.S. dispensaries, other marijuana producers and retailers. The company said it will be using about 50 percent of the funds raised to develop technology with the rest of the amount added to working capital and administrative costs.
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