Enter Details

Comment on stories, receive email newsletters & alerts.

This is your permanent identity for Business Insider Australia
Your email must be valid for account activation
Minimum of 8 standard keyboard characters


Email newsletters but will contain a brief summary of our top stories and news alerts.

Forgotten Password

Enter Details

Back to log in

SMOKING: Shares In Australia's First Medical Marijuana Company Are Flying High Again

Australian-owned medical marijuana company Phytotech are currently trading at more than four times the issue price, after debuting on the ASX yesterday.

The company raised $5.9 million at $0.20 per share for its IPO.

Shares are up more than 80% since the open today, trading at $0.76 a short time ago. The stock was up more than 100% at one point.

Phytotech founder Ross Smith told Business Insider medical cannabis is undergoing “a paradigm shift as an investment opportunity in the Australian market.”

“[Yesterday] we saw professional investors buying relatively cheap shares from weak stag profit takers,” he said.

“I believe that we will look back in 12 months time and PYL will be the best performing ASX listed stock.

“There’s a new sheriff in town, called medical cannabis.”

Here’s the chart for today:

Follow Business Insider Australia on Facebook, Twitter, and LinkedIn