The U.S. stock market is no stranger to marijuana IPOS, but now Europe is planning its first one for next month.
Danish firm StenoCare is expected to list its shares in Copenhagen in October, becoming the first cannabis company in Europe to make such a move.
The press release stated at StenoCare is hoping to raise 18.6 million Danish crowns ($2.9 million) on Copenhagen’s Spotlight exchange. According to CEO Thomas Skovlund Schnegelsberg, who spoke to Reuters, the money raised will go towards launching the company’ own production facility, so that it can better serve Danish customers and export to other European markets.
StenoCare was founded in 2017 and has become the first to get clearance to cultivate, produce as well as import medical cannabis in Denmark. The company plans to start growing marijuana plants next year.
StenoCare will continue to deliver its medical cannabis oil products to Danish pharmacies and hospitals using supplies imported from Canada’s CannTrust Holdings Inc.
The company offers CBD Drops STENOCARE, THC Drops STENOCARE and 1:1 Drops STENOCARE.
Schnegelsberg said, “There are concerns in Germany and other countries about security of supply, because the global production capacity is not big enough to meet demand. In order to secure supply to Denmark and other European markets, we need to have our own production.”
Denmark was one of the first countries in Europe to legalize local production of cannabis for medicinal use this year.