In the United States, it is known as the dot bong boom. And although in Australia cannabis does not - yet - flow as freely, the first medical marijuana company is about to list on the Australian Securities Exchange.

Perth-based PhytoTech Medical will lodge its disclosure document in late November, with the aim of raising $5 million through 25 million shares at 20¢ each. The float will be fully underwritten by BBY.

Phytotech Medical founder Ross Smith.

At its helm is Ross Smith, 51, who rode the highs and lows of the dotcom boom and who has a long and colourful history with both marijuana and sharemarket floats. Mr Smith, Israeli-based, smoked and sold cannabis as a teenager and young man, and was convicted and fined $15,000 for possessing and cultivating marijuana in 1989.

His online sharetrading company daytraderHQ was all over the headlines in 2000 and 2001 as its stock price rollercoasted - from 50¢ to $2.10 to 1.5¢ - amid legal action from former employees over their termination. Pilbara Mines - of which he was managing director - endured an even more dramatic run, its shares going from 5¢ to $8.07 to 19¢.