StemmCell United shares hit a high on medical cannabis plan
By: Chris Kohler – The Australian – March 16, 2017
Shares in a tiny Australian stem cell company have gained as much as 29 times in value this week after it announced plans to invest in medical cannabis.
StemmCell United stock soared to a 12-year high $1.08 at 10:17am yesterday, from 3.7 cents on Tuesday, following word from the company it has appointed medicinal cannabis expert Nevil Schoenmakers as a strategic adviser to assist the board in finding investment opportunities.
Late this morning the stock had slipped back to 38 cents per share, which puts the current market capitalisation at $138.6 million.
StemCell United (SCU) quotes market research claiming the global medical cannabis market will reach $US55.8 billion by 2025, and references an industry magazine “High Times” article naming Mr Schoenmakers the “King of Cannabis”.
Mr Schoenmakers is said to be the first to export cannabis seeds from the Netherlands to the global market and is credited with “many of the most popular award winning strains” of marijuana, according to StemCell United.
“Medicinal cannabis has been called a wonder drug by numerous leading health experts, and we anticipate the industry is set for tremendous growth over the coming years,” StemCell United non-executive chairman Jamie Khoo said.
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