MGC Pharma is now accelerating its plans to be one of the first cannabis-related companies on the LSE following new policy guidance provided by the Financial Conduct Authority (FCA).
MGC Pharmaceuticals Ltd (ASX: MXC), a European based biopharma company specializing in the production and development of phytocannabinoid-derived medicines, welcomes the FCA's guidance note on its approach to assessing applications from cannabis-related companies for listing in the UK published on Friday 18 September.
MGC Pharma will now fast track the finalization of its listing submission and plans to complete its objective to become one of the first cannabis-related companies listed in the UK on the LSE. The Company previously submitted a prospectus, legal opinions, and listing documents in December 2019 which has been pending approval from the UK authorities, as previously announced.
The new guidance from the FCA advises overseas companies may be admitted to the Official List, provided they are satisfied the Proceeds of Crime Act 2002 ("PoCA") does not apply and companies otherwise satisfy the criteria for listing. Based on the FCA guidance, the Company and its UK advisors are confident the MGC Pharma business and operations fully comply with the new FCA listing approval requirements.
With the admission documents already drafted and submitted in late 2019, the Company has now commenced updating the documentation for submission under these new LSE listing rules.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "We started the process of seeking a listing in the UK over a year ago and are very pleased to see the FCA's guidance note."
We believe we are now well placed to push ahead and be one of the first cannabis-related companies to list in the UK. Roby Zomer, Co-founder and Managing Director of MGC Pharma
"MGC Pharma has established a global operation and we believe a UK listing will provide a unique opportunity not only for the Company in terms of broadening access to capital markets, but also for the large and sophisticated UK investment community seeking exposure to the fast-growing global medicinal cannabis market."
To learn more about MGC Pharma, visit the company HQ here.
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