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Australia To Get First Publicly Traded Marijuana Company

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australia marijuanaThe marijuana industry is growing at a rapid pace, and not just in the United States. Australia has seen solid growth in its marijuana industry, and it appears that the nation is about to get its first publicly traded marijuana company. Per Marijuana Business Daily:

Phytotech, a medical marijuana business based in the city of Perth in Western Australia, is moving forward with an initial public offering. The company wants to sell medical cannabis in several other countries and develop a disposable device to inhale marijuana.

It is seeking A$5 million (US$4.2 million) in its initial offering. Interest has been strong: Investors so far have sought shares totaling A$15 million, with some wealthy individuals as far away as Russia and the United States wanting to buy in. This will likely allow the company to close the offering early, Reuters reported.

Most publicly traded marijuana companies in the United States are smoke and mirrors, and make me leery. I don’t know enough about Phytotech to say if it’s a good company to buy into or not. As always, do your research, and focus on what the end product is. Don’t get caught up in industry hype, and vet all claims to ensure that your investment is based off of solid info, not generic claims about how big the industry will eventually be.

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