Pharma C Investments PLC (LON:PCIL) has begun trading on the Aquis Exchange in London after the group completed a fundraising to develop its investment portfolio.
The medical cannabis-focused venture firm said trading of its shares began on the AQSE Growth Market at 8am on Wednesday after it raised £1mln through the issue of shares at 0.7p each.
WATCH: Pharma C Investments on AQUIS listing ‘targeting break out firms and winners’ in medicinal cannabis
Pharma C said the funds will be used to develop its portfolio as well as meet general working capital requirements and undertake due diligence on potential target investments.
The company said it will primarily focus on companies in the UK, Europe and Israel, particularly ancillary businesses in the cannabis sector which are scalable and defensible with intellectual property, technology and data assets.
“This listing marks a significant milestone for Pharma C Investments and will provide the market with the opportunity to be part of an investment vehicle led by strong entrepreneurs and focused on the profitable and robust ancillary market in the medicinal cannabis sector”, chief executive Chana Greenberg said in a statement.
“The opportunities around medicinal cannabis across Europe and further afield are huge and we are excited to be able to utilise first mover advantage in the growing market. Our unique investment strategy will provide our shareholders with a diverse portfolio of high-quality businesses whilst ensuring these companies receive the support and guidance they need to thrive”, the CEO added.
In late-morning trading, the company’s shares were trading at around 0.83p on Aquis, around 18.6% higher than the fundraising price.