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LONDON (Reuters) – Medicinal cannabis producer Freyherr Worldwide Group plans to record on the NEX change in London, it stated on Friday, as corporations look to take advantage of growing legalisation of the plant.

A rising variety of nations in Europe have legalised or are planning to legalise cannabis for medicinal use, together with Britain and Germany.

Some U.S. states have additionally legalised marijuana for medicinal use, whereas Canada legalised leisure cannabis final yr.

Freyherr Worldwide is the UK guardian of a primarily Slovenian-based firm which grows cannabis and manufactures cannabis-derived concentrates and extracts.

One of many first cannabis producers to record in London, Freyherr will apply for admission to buying and selling on the NEX Development Market, with the primary day of buying and selling anticipated to be July 30, it stated in a press release.

Sativa Group SATI.NXX>, additionally listed on NEX, is an funding automobile specializing in the medicinal cannabis sector in Canada.

The Freyherr providing consists of two.53 million odd shares accessible for subscription, representing round 10% of the corporate’s share capital.

Freyherr stated it could use the proceeds for facility upgrades and new gear. It operates primarily within the European Union.

By 2028, the European cannabis market could possibly be value up

to 123 billion euros, in accordance with market intelligence agency Prohibition Companions.

(Reporting by Carolyn Cohn; Modifying by Mark Potter and David Evans)