Oxford Cannabinoid Technologies (OCT), the company backed by famous American rapper Snoop Dogg, has announced its successful listing on the London Stock Exchange. The Initial Public Offering (IPO) of OCT attracted the attention of many investors. This pharmaceutical company is focused on developing cannabinoid-based prescription medicines. As a result of the IPO, Oxford Cannabinoid Technologies managed to raise £16.5 million ($23.4 million) which is quite a decent result, experts say. The company itself is estimated to be worth £48 million ($68 million). Since the first moment of listing, OCT shares have been trading at around £5 a piece. Notably, the company’s shares avoided sharp fluctuations in the first hours of listing that usually happen to those who have just entered the exchange. Among investors in OCT are international tobacco companies, US Jazz Pharmaceutical, and a number of investment funds, including Casa Verde where Snoop Dogg is a co-founder. He will own 2% in OCT.
