It’s been a bad week for the markets and sterling as trussonomics trashes the UK financial system, cannabis also suffered.
FOLLOWING a few weeks of relative positivity for many of the stocks listed on the London Stock Exchange (LSE), the market chaos caused by the UK Chancellor’s ‘mini budget’ has wiped £22,328,775 from the collective market value of LSE-listed cannabis stocks.
This erased Cellular Goods’ near 30% following the announcement of plans for a merger with Cannaray, marking the first of what is expected to be many consolidation deals to come in the UK cannabis sector.
While the consolidation deal has helped Cellular Goods continue its recovery, with the UK’s economic outlook souring by the second it is Cannaray who has undoubtedly come out on top, offering it a route to a public listing in a market where a CBD IPO would otherwise seem unthinkable.
Read more. https://businesscann.com/european-cannabis-stocks-review-22m-wiped-from-lse-listed-cannabis-stocks-amid-market-chaos/