October 26, 2018 / 7:37 AM / 24 days ago

Pot is hot! Shares in Danish cannabis firm StenoCare surge on debut

A StenoCare cannabis drops photographed in Birkeroed, Denmark September 20, 2018. Vibe Juul Sannig/Courtesy of StenoCare/Handout via REUTERS

COPENHAGEN (Reuters) - Shares in Danish cannabis firm StenoCare STENO.TE more than tripled in value in their debut on Friday.

Shares were priced at 8.80 Danish crowns ($1.34) in the initial public offering on the Danish-Swedish Spotlight exchange and rose to as much as 33.50 crowns in early trading.

At 0721 GMT the stock was trading at 29.15 crowns.

Scientists say evidence is growing that cannabis can ease epilepsy and other conditions such as chronic pain, multiple sclerosis and chemotherapy-induced nausea, prompting renewed interest in a substance best known for its psychoactive properties.

StenoCare plans to use the money to launch its own production facility to serve local customers and to export to other European markets.

Reporting by Jacob Gronholt-Pedersen; Editing by Robin Pomeroy

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