Shares in Stemcell United have gone nuts

Photo: David Ramos/Getty Images

Shares in Stemcell United went ballistic after announcing it was pursuing opportunities in medicinal cannabis.

The shares hit 50 cents this afternoon from 4 cents earlier in the day. A short time, ago, they were at 40 cents, a rise of almost 3000%.

The Singapore-based company announced the appointment of medicinal cannabis expert Nevil Schoenmakers as a strategic advisor to the board.

The industry magazine High Times called Schoenmakers the “King of Cannabis”.

The company says its decision to assess medicinal cannabis opportunities comes as a growing number of jurisdictions, including Australia, pass legislation allowing the use of cannabis-based products in the treatment of a range of medical conditions.

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