MGC Pharmaceuticals has launched on the London Stock Exchange following the successful completion of a £6.5 million capital raise.

The company’s market capitalisation on debut was approximately £33.7 million at an issue price of 1.475 pence per share.

Chief executive and managing director Roby Zomer said the £6.5 million raised will be used for clinical trials, to expand the company’s distribution network into key sales markets and advance construction of its manufacturing facilities in Malta.

He added: “We are proud to make history as the first medical cannabis company on this historic exchange.”