Shares in cannabis company AusCann are going nuts

Filippo Monteforte/AFP/Getty Images

Shares in the medicinal cannabis company AusCann have quadrupled since listing last month.

A short time ago, the shares were at 80 cents, up 15% since yesterday’s close and four times higher than the list price of 20 cents.

AusCann Group Holdings started trading on the ASX on February 3 after a $5 million capital raising from domestic and international investors.

Canopy Growth Corporation, a global leader in medical cannabis, is a substantial shareholder with 11% of AusCann.

The company has also partnered with Fundacion Daya, the only licensed medicinal cannabis grower in Chile. Its first medicinal cannabis crop has been planted in Chile with the harvest expected mid this year.

A report from the American National Academies of Sciences, Engineering and Medicine has found evidence supporting the use of cannabis to treat chronic pain in adults, chemotherapy-induced nausea and vomiting, and multiple sclerosis symptoms.

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