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Medical Cannabis Pioneer to list on ASX
BBY Backs Medical Cannabis Pioneer
Tuesday, 20 January 2015
The ASX is set to make history with the first ASX-listed medical cannabis company Phytotech Medical Limited (ASX:PYL) making its debut this week. The global cannabis industry is estimated to be worth up to US$100 billion. The Australian industry remains at a very early stage, however ongoing dialogue and debate is taking place at both State and Federal level on the topic of legalising the use of cannabis for medical purposes. This is most notable in New South Wales where the Premier has backed a $9m trial to assess the medical benefits of cannabis for medical purposes1.
PYL is positioning itself to be at the forefront of these changes, with a view to becoming the world’s leading accredited medicinal cannabis company. PYL is focussing its sights on markets that have already legalised medicinal cannabis, particularly Europe, North America and Israel while being well positioned to take advantage of evolving legislation in countries as medicinal cannabis is legalised. PYL is particularly looking to take advantage of the US market –cannabis for medical purposes being legal in 23 states. PYL is positioning itself to service these markets with plans to operate growing facilities in California and Uruguay.
BBY’s Director of Corporate Finance, Adam Blumenthal commented, “We do understand that the use of cannabis remains somewhat controversial, but it’s medical benefits are potentially extensive. Cannabis has been used in the treatment of pain for chemotherapy patients, calming epileptic seizures as well as many other medical applications. The use of medicinal cannabis is growing in the US, with 23 states having decriminalised recent years. We believe Australian market will soon be ripe for it as well and we see a lot of promise in PhytoTech’s efforts to push frontiers in the medical sector.”
BBY’s Executive Chairman Glenn Rosewall added, “The market for medical cannabis has increased considerably and PhytoTech’s launch gives ASX investors an opportunity to invest in this growing global industry.”
The company will commence trading on the ASX at 11am AWST on Thursday 22 January.
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