The Last Of The Four Cannabis Companies Who Initially Listed On The LSE Plunges Into Administration | Cannabis Law Report | How to order Skittles Moonrock online
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And then there were none…
UK medical cannabis operator Kanabo Group has fallen into administration, seeing the last remaining member of the first four cannabis pioneers onto the London Stock Exchange face collapse.
On November 28, 2025, Kanabo announced that Damian Webb and Stephanie Sutton of RSM UK Restructuring Advisory LLP had been appointed as joint administrators, tasked with ‘assessing a range of strategic options aimed at returning the company to financial stability’.
Whether it can successfully emerge from its financial hole remains to be seen, but the administration itself represents a sobering end for a movement once hailed as the start of a revolution in the European cannabis industry.
When Kanabo launched its IPO in February 2021, becoming not only the second cannabis business in history to do so, but the second in just over a week, founder and CEO Avihu Tamir predicted that ‘within a couple of years, there may be as many as 50 cannabis companies trading on the exchange.’
Instead, four years on, all four companies from that initial 2021 wave have now either delisted, called in administrators, or abandoned the cannabis sector.
From rush to ruin
Between February and May 2021, four cannabis companies made their debut on the LSE in rapid succession, sparking a wave of excitement and investment in the fledgling European cannabis industry.
MGC Pharmaceuticals’ landmark listing on February 9, 2021, was closely followed by Kanabo just a week later, on February 16, with its shares nearly quadrupling over the first day of trading.
By May, CBD firm Cellular Goods, backed by high-profile names such as David Beckham, and early-stage biotech firm Oxford Cannabinoid Technologies had followed them onto the exchange.
These four oversubscribed IPOs in quick succession created what one executive described as an ‘absolute frenzy’ for cannabis stocks, in what many believed was the start of Europe’s own ‘Green Rush’.
Kanabo had initially approached the LSE seeking approval two years earlier, but at that time, the exchange simply had no mechanism to list cannabis companies. Following lengthy negotiations with the Financial Conduct Authority, the regulatory framework finally shifted in September 2020, allowing medical cannabis and CBD companies to list for the first time in the LSE’s 320-year history.
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