Tom Winnifrith Bearcast: Fragrant Prosperity. It's 'avin' a Turkish, more like the sickly smell of weed
Shares in Kanabo I(KNB) have quadrupled to 25.5p since it raised £6 million as part of an RTO a week ago and this company, with zero sales and perhaps £4 million in the bank, is now valued at £92 million... you’d need to be smoking serious weed to buy that. But now, after just a week, we get the first announcement of just mind-blowing bollocks showing what a total spoof this all is.
Following on from Tom Winnifrith’s question over IFRS and the accounts of Heavitree Brewery (HVT), I have a question from the similarly funny old world of prospectuses – this is from that fine new outfit now on the sub-Standard list, pot-play Kanabo (KNB) which listed this week and has raced ahead by almost seven-fold.
There is a flurry of new cannabis listings going on at the moment, and Peterhouse play Kanabo (KNB) joined the Standard List yesterday, having reversed into Spinnaker Opportunities – a cash shell which joined the sub-Standard list back in 2017. The RTO was accompanied by a placing, raising £6 million gross at 6.5p and the stock is, ahem, on a high at 17.25p giving a market capitalisation of a very tasty £62 million. So is it a buy or a bargepole?
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