German cannabis firm shares pop after new government pledges to legalize the drug

german cannabis firm shares pop after new government pledges to legalize the drug

Sumary of German cannabis firm shares pop after new government pledges to legalize the drug:

  • Canopy GrowthTom Franck | CNBCShares of German cannabis company SynBiotic rose sharply on Thursday shortly after the incoming government pledged to make the drug legal.
  • The Munich-based company’s shares were up 33% to 29 euros ($33) on the Frankfurt stock exchange.
  • The so-called “traffic light” coalition agreed on plans to legalize the sale of cannabis for recreational use to adults in licensed shops.
  • Led by Lars Muller, SynBiotic wants to use cannabis compounds to treat conditions like chronic pain, stress and sleep issues.
  • Cannabis has a number of negative side effects depending on its strength, the frequency it is taken and the individual.
  • Tech investor Christian Angermayer told CNBC via email Thursday that he owns 45% of SynBiotic’s shares.

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