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Cannabiz Africa

24/06/12, 06:00

Labat Africa says it rolled out 20 CannAfrica franchise stores in the last year and that, despite its suspension from the JSE, business is growing.

In a statement issued on SENS on 10 June 2024, Labat Africa says it’s in the “process of finalising the appointment of new auditors” after which it will present its outstanding annual financial statements to the bourse. 


This will pave the way for lifting the suspension of trading in it shares.


Labat says that despite the share illiquidity it has still managed to expand its operations.


“From a business perspective, the Group is continuing to grow, with its retail division,CannAfrica, having opened more than 20 franchises over the past year, with a good pipeline of interest for new franchises.

“With the recent signing of the Cannabis for Private Purposes Bill into law, the prospects for further growth across the Groups Medicinal Cannabis Value chain going forward look sound”.


Labat has begun winding down its logistics, fuel and supply operations after attempts to sell these assets did not materialize. The group says this is in line with its strategy of repositioning itself as a fully-focused medical cannabis healthcare company.


It says “A more detailed progress report on the Group’s performance and future will be announced in due course”.


READ ALL CANNABIZ AFRICA’S NEWS COVERAGE OF LABAT HERE.

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Labat Says Store Openings Continue Despite JSE Suspension

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