Labat Seals CSIR Agreement to Fast-Track Cannabis Projects
JSE-Listed Group will use CSIR resources to move into Active Pharmaceutical Ingredient (API) product development
17 August 2022 at 08:00:00
JSE-listed cannabis company Labat Africa, has signed an agreement with the Council for Scientific and Industrial Research (CSIR) to join forces to fast track the implementation of various cannabis related projects.
The CSIR has carried out extensive work in the areas of both industrial hemp and medical cannabis, Labat Africa said in a statement issued on 12 August 2022.
“The agreement follows in depth discussions which the parties held over the last year. The parties recognise the synergy between them, and wish to explore collaboration in the use of hemp for construction and packaging, among others,” Labat’s directors said.
The agreement would provide for the parties to expand the Labat Africa offering to possibly include medical cannabis product and process development; API (active pharmaceutical ingredient) research development and production, further development of the Labat Africa wellness range; processing and development of THC and CBD infused pharmaceutical products; COVID-19 and disease research; and hemp and cannabis testing services.
This will enhance opportunities within both Sweetwaters Aquaponics as well as BioData, which conduct research and clinical trials using cannabis,” Labat said.
Labat Africa this year acquired 80 percent of Lima Romeo Air, trading as Sweetwaters Aquaponics, an operational medicinal cannabis cultivation facility in Kenton-on-Sea in the Eastern Cape. Sweetwaters is a South African Health Products Regulatory Authority (SAHPRA) approved facility and the acquisition completed the cannabis value chain of the group.
Labat Africa also holds a 70 percent stake in Bio-Data, a cannabis and medical research company conducting clinical trials for use of cannabis in the treatment of pain, depression, cancer and sleep disorders.
In the year to 28 February 2022 Labat’s earnings before interest, tax, depreciation and amortisation reduced to a R9.2 million loss from a R4.4m loss in the 2021 financial year, mainly due to increased cannabis research and operating costs and the reduced profitability from Labat’s other businesses due to the challenging economic environments that they are operating in. Revenue fell slightly to R20.18m from R21.4m, while gross profit fell sharply to R5.77m from R10.46m the year before.
Instadose Canada Discovers DRC is Not For the Faint-hearted As It Tries To Recover 18 Tons of Medical Cannabis From National Intelligence in Kinshasa
The 2021 consignment was meant for North Macedonia but instead Instadose had to source from Lesotho, Highlands Investments
The Abramovich Files: How Russian Money Funded the American Cannabis Revolution
Where Would US Commercial Cannabis Be Without Abramovich? Then It Was Cool, But Now With Putin's Invasion of Ukraine It's Becoming Complicated
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