Labat Set to Buy Jordyn Murcia’s Green Smoke Room
Murcia confirms due diligence underway as JSE-listed Labat increases its interest in cannabis genetics.
12 August 2022 at 07:00:00
Labat Africa is currently doing a due diligence on Jordyn Murcia’s Green Smoke Room (GSR) with a view to buying a majority share in the pioneering seedbank company. This was confirmed to Cannabiz Africa on 11 August 2022 by Murcia after this was initially disclosed by Labat when it released its latest financial statements on 31 May 2022.
GSR has a cannabis licence in California, which is where it has developed its reputation as an African cannabis seed breeder. It also has a European company dedicated to the preservation of cannabis seeds.
Murcia is well known in the South African cannabis community and made a presentation to Parliament last year saying the establishment of a national seedbank to protect South African genetics was a matter of urgency.
Labat says “The Green Smoke Room has a fully functional e-commerce platform as well as a physical store in Norwood, Johannesburg. However, for the business to operate and expand legally, it needs to have a SAHPRA licence”.
GSR products - seeds, clones, growing material and equipment - will sold through Labat’s Cannafrica stores.
Labat says “Mr Murcia is confident that he can increase the revenue significantly with the correct licencing” and that Labat will assist in this regard. It says it is “currently in the due diligence phase of the transaction to acquire a majority stake in the business for an all share deal”.
Labat already owns Ace Genetics and has identified its Eastern Cape facility, Sweetwater Aquaponics as the site that it is going to be developing an indigenous landrace project.
Labat posted a R24,9 million loss for the 6 months ending February 2022, but is confident its healthcare strategy will gain traction in the second half of the year.
Regulatory Uncertainty Bites SA's Biggest CBD Brand, Goodleaf Temporarily Pulls It Range From The Shelves
Goodleaf says SAHPRA restrictions on dosages and packaging have pushed it into an uncompetitive corner. It says it's pulling its range off the shelves until there's more regulatory certainty in the cannabis market.
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