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The Cann Group Ltd share price is up 63% since its IPO

medical marijuana

Thanks to a 2% gain to 49 cents today, the Cann Group Ltd (ASX: CAN) share price has now risen over 63% since hitting the ASX boards.

The medicinal cannabis company landed on the Australian share market on May 5 with a listing price of 30 cents per share.

Although its shares have provided investors in its IPO with strong gains, it is worth noting that investors that bought in at its peak of 82 cents would be sitting on a paper loss of 40% today.

Like rival Auscann Group Holdings Ltd (ASX: AC8), Cann Group is focused on the breeding, cultivating, and manufacturing of medicinal cannabis for sale and use within Australia.

Earlier this year it became the first company in Australia to be granted a licence to research and cultivate medicinal cannabis.

If you’re new to the medicinal cannabis industry or pot stocks, you can learn about all the many players in the industry here.

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As of 2.11.2020

Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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