Medical cannabis producer AusCann is set to become the latest player to join the $250 billion "pot stock" boom when it begins trading on the ASX on Friday, as federal and state governments relax the law and investors cash in.

It follows a rush of medical cannabis stocks to join the ASX including Zelda Therapeutics, MGC Pharmaceuticals, Creso Pharma and International Cannabis Corp, after federal Parliament approved the cultivation of medical cannabis crops in Australia late last year and clinical trials begin. RotoGro, a rotating hydroponic garden system, is also set to list on the ASX shortly.