INTERNATIONAL - Danish cannabis firm StenoCare sparked a stock market stampede on Friday as investors rushed to buy into its shares on their debut, driven by enthusiasm for the therapeutic benefits of its products.
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 the 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.