Cilo Cybin's Theron to List Special Purpose Acquisition Company on JSE on Monday
Africa is about to get its first listing of a medical cannabis-focused special purpose acquisition company (SPAC), when Cilo Cybin Holdings lists on the JSE on Monday. It's looking to raise up to R2 billion to buy out Theron's share of the company and to possibly go shopping for assets in the US.
9 September 2022, 13:00:00
Cannabis entrepreneur Gabriel Theron is to list Africa's first medical cannabis-focused special purpose acquisition company (SPAC) on the JSE. Theron, who founded Cilo Cybin Holdings, is seeking to raise as much as R2 billion when the share offer opens on Monday, 12 September 2022. It closes in November 2022.
The SPAC's first acquisition with be Cilo Cybin, the SAHPRA-licensed facility in Gauteng that has been cultivating Durban Poison for medical purposes
“The first step of the plan with the money raised is to acquire an existing cannabis manufacturing facility and to supersize its capacity,” said Theron, who set up and is a part owner of the proposed site. “We want to position ourselves as one of the largest processing hubs for the cannabis industry in Africa.”
Bloombergs reported on 9 September 2022 that the initial public offering (IPO) on the JSE will be just the fourth SPAC listing in Africa and a first for the cannabis industry on the continent.
It reports that "while the popularity of blank-check companies — as SPACs are also known — has been on the wane recently in the US and Asia amid tightening regulatory scrutiny, the Cilo Cybin move indicates there may still be appetite in Africa."
Theron says Cilo Cybin has the capacity to produce about R150m worth of cannabis and vaping products a month, said Theron. The plant is one of many entities in SA to have been given a licence to cultivate or manufacture cannabis products.
Theron has said previously that he's looking for acquisitions of both non-cannabis companies would be considered, including potential US investments in the brain health testing sector and genetics. He said the company may look at a Nasdaq listing to raise further capital.
Theron told Bloombergs that, should the market develop, the company plans to explore manufacturing options for products of psilocybin, the active ingredient of magic mushrooms from which it takes its name.
Amsterdam Cannabis Expo Due This Weekend Exposed as the Latest Scam in the Industry!
Trend-setting conference exposed as a fabrication, scammers lift money off potential exhibitors
If You're in Gauteng, Get There: Africa's Biggest Cannabis Get Together This Weekend
Africa's Biggest Cannabis Expo kicks off at the Sandton Convention Centre 18 - 20 November 2022
Is Justice Minister Ronald Lamola Secretly Opposed to Cannabis Reform? And Why Hasn’t He Come Clean About “White-washing” Fraud at a Drug Rehab Centre?
Questions hang over Lamola's legal firm which was paid millions for a botched lottery investigation before he was made a Cabinet Minister
Cannabis in South Africa: The People’s Plant
We are a civil society organisation with the interests of the existing Cannabis industry and the Human Rights of ALL citizens at heart.
Resources & Equipment
Explore cannabis growing equipment for growing weed at home.
Whether you’re just starting out, or you’re looking to enhance your outdoor or indoor weed grow setup – we have the perfect range of cannabis growing equipment to match your marijuana growing ambitions.
Find everything from LED grow lights, grow tents, fans, and hydroponic setups, to environmental equipment and controls, harvesting accessories, extraction equipment and plenty more.
Design your ideal cannabis growing setup with high quality growing equipment available in South Africa.
Explore cannabis growing equipment we’ve curated from reliable online suppliers in South Africa