A South African producer of cannabis products largely meant for the pharmaceutical market is a step closer to realising its export ambitions with the news that it will be listing on the Johannesburg Stock Exchange.
Cilo Cybin, which is a word play on the hallucinogenic chemical found in certain types of mushrooms, psilocybin, has made its intentions clear that it will list on the local bourse next Monday.
When Gabriel Theron blows the coiled Kudu horn to announce the company’s induction as per tradition, an honour usually reserved for CEOs such as Theron, it will set in motion the drive to raise as much as R2 billion.
Cilo Cybin already has an indoor facility with high-tech capacity to produce about 100 kilograms of cannabis flour a month.
Cannabis oil, which has become popular the world over as a remedy for various ills which are alleviated by the non-psychotropic substance known as CBD (cannabidiol), is one of the products that is part of Cilo Cybin’s range.
While the company was still in the process of finalising its listing, it emerged that Cilo Cybin was already crossing t’s and dotting i’s to export its cannabis products to Australia, Brazil, Europe, Israel and the UK.
Part of the listing’s goal is to raise enough capital to acquire a R150-million facility in Pretoria that will significantly upscale Cilo Cybin’s output.
As the first recipient of 28 cannabis licences made available by the government, Cilo Cybin now seems well on its way to making its export dreams come true.
Monday’s JSE listing will remain open until November and will make Cilo Cybin the first public company to list as a special purpose acquisition company in Africa.
