A BUNDABERG hemp grower has been appointed executive director of a medical marijuana and hydroponics supplier, which is riding high on the pot boom all the way to the stock exchange.
John Hall is now executive director of The Hydroponics Company, which manufactures and distributes hydroponic equipment, designs small to large-scale greenhouses and high-end, next generation agricultural products across Australia, Asia, US and Canada.
The Sydney-based company made its auspicious debut on the ASX, trading under the appropriate ticker code of THC, as part of its initial public offering and has successfully raised $8m in capital at $0.20 per share.
The IPO, with 40 million shares, was three times oversubscribed with strong interest from investors in Australia and overseas.
Mr Hall was appointed to his new role after THC acquired Mr Hall's medicinal marijuana research company Canndeo, which now forms the medicinal marijuana division of THC and is actively developing plant breeding technologies to target the high purity cannabidiol markets.
These medicinal products will target dementia, epilepsy and other neurological disorders.
Mr Hall has spent 17 years growing industrial hemp locally and brings more than 30 years of experience in plant breeding, crop management and monitoring systems, and agricultural technology.
THC chairman Alan Beasley said the company was delighted to have Mr Hall on board.
"John's experience will help drive THC and Canndeo to the forefront of quality medicinal cannabis through leading breeding, technology and agronomic approaches, Mr Beasley said.
"We also look forward to John bringing his experience to the hydroponics and indoor farming divisions within THC to accelerate best practice amongst our international customers."
Mr Beasley said the company's debut on the Australian Securities Exchange marked an important step forward for the company.
"The success of the IPO reflects the quality of our experienced team, our established core cannabis businesses and the outlook for growth in the cannabis industry over the next 12-24 months."
The surging global medicinal marijuana market could be further aided as Canada, which has one of the highest rates of marijuana use among young people, prepares to legalise the use of recreational marijuana from July 1 next year.
In February, Canndeo, lodged an application for a research licence which will allow the company to legally cultivate medicinal marijuana and conduct research on the use of marijuana for medicinal purposes.
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