Stemcell United Ltd Strengthening management
Strengthening management: Stemcell United Ltd (ASX: SCU) recently appointed Nevil Schoenmakers as its strategic advisor in order to pursue opportunities in the Medical Cannabis sector complementing its traditional medicine operations. The global medical cannabis market is expected to reach $55.8 billion by 2025. SCU forecasts strong synergies with existing business including the ability to leverage existing investments and expertise in plant extract technology as part of its new venture. The newly appointed advisor is referred as the King of Cannabis and he brings a wealth of sector experience to SCU. For first half financial year, SCU has recorded a 140% increase in the net profit attributable to members of $174,277. SCU has already recorded a 1507% gain in last three months (as of March 23, 2017) in its stock price. On the other hand, the stock slipped 11.11% on March 24, 2017 as the group responded to ASX queries relating to its intention of entering the medical marijuana sector as revealed by updates released in March 2017. The response in terms of leveraging opportunities by combining Dendrobium extract business with medical cannabis business and use of existing plant extraction and chromatography techniques in proposed business might not have appealed the market.
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