>> Right here behind me, on the other side of the channel, we have the Christiania, the famous freetown of Copenhagen, where you can buy drugs for recreational use.>> From Friday, it won't just be hippies getting a slice of the action. Copenhagen's hosting Europe's first cannabis-related share sale StenoCare makes cannabis oil for medical purposes.
Its shares quadrupling in value on their debut amid a global frenzy over marijuana stocks. Liberalization in Canada and elsewhere sparking a rush to get in on legal businesses. And Denmark looks like fertile ground, Reuters correspondent, Jacob Gronholt-Pedersen is there.>> Denmark is one of the few countries in Europe to allow local production of cannabis and that's exactly what StenoCare is trying to do.
They are trying to raise money to build a production plant in Jutland, from where they'll supply the Danish market and other European markets. There's a big supply gap in the European market, most of it is imported from Canada.>> StenoCare is not a big deal in itself, Friday's IPO only raising a few million dollars, but investors can smell serious money in the sector.
Share prices and valuations for U.S. cannabis firms soaring. Big firms getting interested too, Coca Cola says it's talking to a Canadian producer over cannabis infused drinks. No, they won't get you high, but they could have health benefits. Now, no one knows how big this market could get. In the US, legally approved sales of cannabis are forecast to triple to $16 billion by 2020.
If other countries follow Denmark and Canada's lead, that is probably just the first hit from a perfectly legal high.