An Australian developer of marijuana-based medicines that debuted on the Australian Securities Exchange Thursday saw its stock soar 38% above its offering price before settling in to close 30% above its listing price.

The Sydney Morning Herald valued Creso Pharma at about $11.5 million Australian dollars (about $9.7 million).

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The company (CPH AX) listed on the ASX with an issue price of AU$0.20 cents per share, but the offering was heavily oversubscribed, according to the Sydney Morning Herald, pushing up Cresco’s opening price for the day to AU$0.25 cents. The West Perth-based company hit a high of AU$0.275 cents per share before closing the day at AU$0.26 cents.

The listing comes as the Australian government begins the process of legalizing medical marijuana. The Australian Office of Drug Control will publish medical cannabis regulations on Oct. 30 and start issuing licenses on Nov. 1.

Creso raised $5 million before the IPO, which was led by EverBlu Capital, a financial services firm launched last June.