Why the MGC Pharma (ASX:MXC) share price is smoking the market today

The MGC Pharmaceuticals Ltd (ASX: MXC) share price has been smoking the market on Wednesday.

In afternoon trade the medicinal cannabis company’s shares are up 8% to 3.9 cents.

This latest gain means the MGC Pharma share price is now up almost 63% since the start of 2021.

Why is the MGC Pharma share price smoking the market today?

Investors have been buying MGC Pharma’s shares today following an update on its listing in the United Kingdom.

According to the release, the company’s shares were admitted to the standard sector of the London Stock Exchange (LSE) on Tuesday.

This admission follows the completion of a successful capital raise of 6.5 million pounds through an oversubscribed placement to UK based institutional funds,…