Cannasouth slumps on debut as investors back blue-chips

Wed, 19 Jun 2019

By Paul McBeth June 19 (BusinessDesk) - Pre-revenue medicinal cannabis firm Cannasouth made an inauspicious debut as a publicly listed company, shedding 20 percent in early trading as investors pursue blue-chip stocks offering reliable dividends. The Waikato-based company raised $10 million at 50 cents a share, half in a priority offer and half in an oversubscribed initial public offering. It opened at 51 cents on listing today, but has since dropped to 40 cents. About 522,000 of the firm's 102 million shares changed hands today. The...

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