By Thulani Mpofu
South African medicinal cannabis investment firm Cilo Cybin Holdings Limited (Cilo Cybin) has listed on a local exchange that targets smaller, high-potential companies.
The company listed on the Johannesburg Stock Exchange’s (JSE) AltX Board on June 25 as a special purpose acquisition vehicle (SPAC), the bourse said on the day.
Cilo Cybin is the first cannabis SPAC to list on the AltX Board and its its first target, Cilo Cybin Pharmaceutical is held as the first entity in South Africa to obtain both medical cannabis cultivation and manufacturing licenses.
'Embrace the highs, conquer the challenges. Each hurdle we overcome fuels our growth and strengthens our resolve. Together, we forge ahead, unwavering in our commitment to redefine possibilities and lead with innovation in the health and wellness industries,' commented Gabriel Theron, founder and chief executive of Cilo Cybin.
Cilo Cybin Pharmaceutical produces and supplies Good Manufacturing Practice (GMP) medical cannabis products to local and international markets, said the JSE.
After its listing and planned acquisition of Cilo Cybin Pharmaceutical, Cilo Cybin hopes to list on the JSE main board and seek more growth opportunities. A Nasdaq listing is also being planned, the company said in a recent pre-listing statement.
'We are pleased to welcome Cilo Cybin to our AltX Board which is a springboard for small and medium-sized companies and catalyses their growth,' said Valdene Reddy, director of capital markets at the JSE.
'With this listing, the JSE, is able to diversify its offering, presenting investors with unique, forward-looking opportunities. The addition of Cilo Cybin to the AltX underscores our commitment to embracing sectors poised for innovation, like medical cannabis and biotechnology.'
