News About Australia Marijuana Ipo Going Around

“We’re going to close it early because it’s so massively oversubscribed.” Smith set up Phytotech in August to sell medicinal marijuana and develop a disposable device to inhale the drug. He envisions any advertising for the products to run along the lines of the ads for Nestle Nespresso coffee machines that feature Clooney. “I’d be on the shore of Lake Como, puffing away and two beautiful women would come up and say, ‘Is that a Phytotech?’ and I’d say ‘Why, yes’,” Smith said with a laugh.

According to the IPO prospectus filed with the stock market regulator, Phytotech plans to grow medicinal grade marijuana in Israel, the only country that allows exports of the drug, for sale in the United States, Canada and Europe. It is also positioning itself for possible changes in Australia, where the cultivation and sale of cannabis are banned. There are trials to grow medical cannabis in a couple of states and legislation to allow its sale is before parliament. Phytotech priced its IPO at A$0.20 a share, the minimum issue price stipulated by the Australian Securities Exchange.

To read more, visit http://news.yahoo.com/joint-venture-australia-marijuana-ipo-creates-market-buzz-080203815.html

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