High times for ASX as pot stock up 8300 per cent in less than 48 hours.
The combination of cash and cannabis has proved a heady mix for the sharemarket recently.
But nothing prepared the Australian market for the astounding reaction to Tuesday’s news that the “King of Cannabis” Nevil Schoenmakers is acting as a strategic adviser to another dope hope – the ASX-listed Singaporean biotech Stemcell United.
The stock rocketed more than 3800 per cent to a peak of A50¢ on Tuesday afternoon.
And continued its dizzying ascent Wednesday hitting a high of A$1.085 in morning trading.
To put this in perspective – someone holding A$1000 of stock on Monday evening would have seen their shares top out at A$83,460 by Wednesday morning.