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:
Business Insider Emails & Alerts
Site highlights each day to your inbox.