Northern Leaf, the Jersey-based producer of medical grade cannabis, has reportedly appointed finnCap Cavendish to explore the possibility of a float as soon as this summer.
Sources close to the company told Sky News the business might look to be valued at as much as £60mln, having raised £3mln in pre-IPO funding earlier this year.
Frank Walker, Jersey's former chief minister, is set to be chair, with Paul McCabe, the island's former chief pharmacist, already in place as Northern Leaf's head of quality and regulation.
The company has built a 100,000 sq ft growing facility and currently employs more than 20 people.
An application for EU accreditation from the Medicines & Healthcare Products Regulatory Agency is in the late stages, said the report.