Cannaray_ Lifestyle_ Drops

Top story

A new UK-based medical cannabis and CBD brand is targeting a £100m+ IPO to drive Europe-wide growth plans. 

Cannaray, which raised £7.8m in growth capital last year and is nearing completion of a further £5m private funding round, hopes to list within the next 12 to 18 months on the London Stock Exchange, but Nasdaq or another main market has not been ruled out. 

Chaired and co-founded by industry veteran Clive Sharpe and backed by high net-worth individuals, Cannaray envisions a valuation “north of £100m” as institutional investors come on board, post rollout: “The European market has been slower to grasp the opportunity in medical cannabis and CBD compared to Canada and the US,” said Sharpe.

“Historically, there has been a stigma attached to medical cannabis in Europe. That is changing rapidly and, when it does, our plans to list on the Main Market will be completely doable.”

Cannaray’s range - including oral drops, skin cream and muscle balm - will be available online from Monday, with a listing at one of the leading UK grocery retailers expected “imminently”, Sharpe said. 

Read the full story at later today.

Morning update

The FTSE 100 has opened down 0.4% this morning at 7,404.07pts. 

As the index was mostly red-coloured, early risers included Fevertree (FEVR) up 1.2% at 1,504.50p, Premier Foods (PFD) up 2.3% at 36.05p and Stock Spirits Group (STCK) up 0.5% at 221p. 

All the supermarkets opened in negative territory with Tesco (TSCO) down 0.2% at 254.50p, Sainsbury’s (SBRY) down 0.2% at 208.50p, Marks & Spencer (MKS) down 0.6% at 185.20p and Morrisons (MRW) down 0.3% at 185.70p. 

Greggs (GRG) fell 0.3% at 2,434p and Associated British Foods (ABF) opened down 0.3% at 2,627p. 

Yesterday in the City

The FSTE 100 closed down 0.3% at 7,436.64pts.

Ending in the red, Imperial Brands (IMB) closed down 3.6% at 1,709p, Kerry Group (KYGA) down 1.4% at €123.90, Tesco fell 0.6% to 255.10p and Ocado (OCDO) was down 1.5% to 1,150p.

Risers saw Sainsbury’s (SBRY) closing 1.5% higher at 209.50p, Morrisons (MRW) up 1.5% to 186.15p and Marks & Spencer (MKS) up 2% to 185p.