Taking Stock -
The Andersen troops in Reading must have been on a high last week with the news that one of their clients’ placing on AIM was massively oversubscribed.
Shares in audit client GW Pharmaceuticals raised £25m on the Alternative Investment Market, and the company certainly is an alternative investment.
GW is the UK’s only legal cannabis company, being allowed to grow the weed for use in medical treatments for conditions such as multiple sclerosis.
The process makes use of molecules called cannabinoids, which are unique to the cannabis plants.
Proceeds from the placing – shares currently have a street value of 182p – will be used to expand the company’s cultivation and production facilities as well as develop further applications for the cannabinoids. Here at TS it comes as no surprise that accountants should know the true value of happy baccy after an Accountancy Age survey earlier this year found one in three finance directors have tried dope.