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The stock nearly quadrupled in price to hit a high of 33.50
Danish crowns in early trade, valuing the company at more than
200 million crowns ($30 million). They had been priced at 8.80
crowns in their initial public offering.
Interest from investors in the stock had been overwhelming,
Chief Executive Thomas Skovlund Schnegelsberg said. "From our
communication with investors, we get a sense that many might
have followed their heart rather than their wallet.
"We've had people contact us who themselves are users of
medicinal cannabis and said they want to support the case,"
Schnegelsberg said.
Scientists say evidence is growing that cannabis can ease
epilepsy and other conditions such as chronic pain, multiple
sclerosis and chemotherapy-induced nausea, prompting renewed
interest in a substance best known for its psychoactive
properties.
Denmark is one of several European countries, including Germany,
Britain, the Czech Republic and Italy, that have allowed
prescriptions of medicinal cannabis oil. Denmark, which
legalized the medicinal use of cannabis from Jan. 1, is also one
of the few European nations to legalize local production.
Recreational use of cannabis is still prohibited in the country
even though Copenhagen's Christiania district is famous for
cannabis-selling booths which are rarely targeted by the
authorities.
StenoCare plans to use money raised in the IPO to launch its own
production to serve local customers and export to other European
markets. It plans a first sowing of cannabis plants in the first
quarter of 2019.
"Our ambition is to have our own products on the shelves next
year, but the exact timing depends on approval from the Danish
Medicines Agency," said Schnegelsberg.
StenoCare currently imports cannabis from Canada's CannTrust,
with first deliveries to Danish pharmacies and hospitals made
last month.
Cannabis is also attracting the interest of consumer product
companies after Canada last week became only the second country
in the world after Uruguay to fully legalize cannabis.
The move has prompted drinks firms such as Constellation Brands
<STZ.N>, Molson Coors <TAP.N> and Heineken <HEIN.AS> to look
into cannabis-infused drinks.
(Reporting by Jacob Gronholt-Pedersen; Editing by Robin Pomeroy
and David Holmes)
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