Medical cannabis investment company, Cilo Cybin Holdings Limited, listed today on the Johannesburg Stock Exchange’s (JSE) AltX Board as a Special Purpose Acquisition vehicle (SPAC), with ambitions for significant future expansion and growth through new acquisitions in the biotechnology and medical cannabis industries.
The company is the first Cannabis SPAC to list on the AltX Board, with its first target, Cilo Cybin Pharmaceutical widely recognised as the first entity in South Africa to obtain both medical cannabis cultivation and manufacturing licenses, Cilo Cybin Pharmaceutical produces and supplies Good Manufacturing Practice (GMP) medical cannabis products, including GMP CBD, CBG, CBN isolates and GMP THC and CBD distillates, to local and international markets.
"Embrace the highs, conquer the challenges. Each hurdle we overcome fuels our growth and strengthens our resolve. Together, we forge ahead, unwavering in our commitment to redefine possibilities and lead with innovation in the health and wellness industries," Gabriel Theron, CEO and Founder of Cilo Cybin.
A SPAC is created and listed on a stock exchange with the specific goal of gathering funds through an Initial Public Offering (IPO) to purchase one or more established companies or assets. By listing as a SPAC, Cilo Cybin aims to secure its first target asset – the Cilo Cybin Pharmaceutical business and its 2,500 square metre facility in Midrand. Once this acquisition is complete, the strategy is to transition to the JSE Main Board and subsequently pursue additional growth avenues, both organic and through further acquisitions. Cilo Cybin Holdings Limited is only making 10% of its total equity available, with over 71 million ordinary shares at R1 per share.
"We are pleased to welcome Cilo Cybin to our AltX Board which is a springboard for small and medium sized companies and catalyses their growth. With this listing, the JSE, is able to diversify its offering, presenting investors with unique, forward-looking opportunities. The addition of Cilo Cybin to the AltX underscores our commitment to embracing sectors poised for innovation, like medical cannabis and biotechnology," said Valdene Reddy, Director of Capital Markets at the JSE.
Today’s listing increases the number of listed companies to 282 with a market capitalisation exceeding R18.6trillion.
