SA Landraces with Cannabis Plants. and species-min.png
SA Cannabis User’s Survey: Almost 37% Say They Have Consumed at Work

SA Cannabis User’s Survey: Almost 37% Say They Have Consumed at Work

Amsterdam Cannabis Expo Due This Weekend Exposed as the Latest Scam in the Industry!

Amsterdam Cannabis Expo Due This Weekend Exposed as the Latest Scam in the Industry!

Asia on the “Cusp of a Cannabis Revolution”

Asia on the “Cusp of a Cannabis Revolution”

Brett Hilton-Barber

22/08/12, 07:00

Murcia confirms due diligence underway as JSE-listed Labat increases its interest in cannabis genetics.


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.

SOUTH AFRICAN

CANNABIS INDUSTRY

BREAKING NEWS

Brought to you by:

Labat Set to Buy Jordyn Murcia’s Green Smoke Room

Labat Set to Buy Jordyn Murcia’s Green Smoke Room

All South African News Are Sponsored by: 

CHEEBA AFRICA

CHEEBA AFRICA

Hydrobiz

Hydrobiz

Support Locals

Support Locals

Networking for your business

Networking for your business

Meet like minded people

Meet like minded people

Advertise with us today

Advertise with us today

Connecting People

Connecting People

Opportunity for all

Opportunity for all

Supporting Business Growth

Supporting Business Growth