Suffering Australian miners look to capitalise on ‘pot boom’
Jamie Smyth in Sydney
A downturn in the resources industry has prompted a growing number of struggling Australian miners to switch their focus to the booming medicinal marijuana market in an effort to stimulate investor interest.
At least three resources companies are aiming to raise money on the Australian Securities Exchange in the coming weeks, swapping mechanical diggers for hemp growhouses.
The moves follow the flotation of Phytotech Medical, a Perth-based company that raised A$4m (US$3.13m) in January to become Australia’s first listed marijuana stock.