Investors are starting to realise the huge potential of the upcoming cannabis market, which Fairfax reckons will reach $50 billion by 2018.
Making headlines this week was the debut of Creso Pharma on the ASX. Creso is a medicinal cannabis company that develops products and technology for humans and animals.
Within two hours of listing on the ASX last Thursday, shares had grown a huge 14% (from $0.20 to $0.24), and had hit a 34.5 cent high (up over 70%) by yesterday.
“While the medicinal cannabis industry is booming, there is a notable unmet need in the market for pharmaceutical-grade cannabis/hemp-based nutraceutical products,” Creso chairman and co-founder Boaz Wachtel told SBS.
“We are undoubtedly in the middle of a green rush in Australia as broader awareness of the medical benefits of cannabis has combined with forward thinking regulators and governments who have this year created the market structures enabling the industry to flourish,” chief executive Dr Miri Halperin Wernli told Fairfax.
Orange may be the new black, but it looks like green is the new gold. Better start investing, yo.
