A cannabis research and development company is hoping to raise up to $10 million and list on the sharemarket in what would be the first initial public offer in two years.

Despite a booming sharemarket over recent years, the NZX has been in a listing drought. That deepened this week after Vodafone New Zealand was sold to Infratil and Brookfield Asset Management, rather than coming to the market.

But Cannasouth, a biopharmaceutical company based at the Waikato Innovation Park in Hamilton, is hoping to break the dry spell with a capital raise and listing on June 19.

The highly speculative

Not for the faint hearted

Pay rise for founders and board

Cannasouth: