Medical Cannabis Investor Cilo Cybin Moves From JSE AltX to Main Board

AFRICAN STOCKS AND FINANCEOctober 9, 2025 at 1:31 PM UTC

TLDR

Cilo Cybin, South Africa’s first cannabis-focused Special Purpose Acquisition Vehicle (SPAC), has moved from the JSE’s AltX Board
The transition, approved by the Financial Sector Conduct Authority (FSCA), follows amendments to the JSE’s Listings Requirements under its Market Segmentation Project
The move provides Cilo Cybin with greater visibility, access to a broader investor base, and the ability to issue shares for cash — up to 10% of its capital — without shareholder approval

Cilo Cybin, South Africa’s first cannabis-focused Special Purpose Acquisition Vehicle (SPAC), has moved from the JSE’s AltX Board to the Main Board’s General Segment, just over a year after its June 2024 debut.

The transition, approved by the Financial Sector Conduct Authority (FSCA), follows amendments to the JSE’s Listings Requirements under its Market Segmentation Project, which introduced new “Prime” and “General” Main Board categories.

The move provides Cilo Cybin with greater visibility, access to a broader investor base, and the ability to issue shares for cash — up to 10% of its capital — without shareholder approval. The company, led by CEO Gabriel Theron, said the listing strengthens its position in the medical cannabis, biotech, and pharmaceutical sectors while enhancing its ability to raise growth capital and expand internationally.

Over 30 companies have migrated to the General Segment since its introduction in 2024, according to the JSE.

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Key Takeaways

Cilo Cybin’s rapid migration from AltX to the JSE Main Board signals both its growth ambitions and the JSE’s evolving regulatory landscape aimed at supporting mid-sized, high-growth companies. For Cilo Cybin, the move underscores investor confidence in South Africa’s emerging medical cannabis and biotech industries, sectors increasingly attracting institutional capital amid global legalization trends. The Main Board upgrade grants the company greater flexibility in raising funds and executing acquisitions — a crucial step as it seeks to expand its manufacturing capacity and international footprint. The JSE’s Market Segmentation Project, which simplifies compliance and reduces costs for issuers, is already reshaping South Africa’s equity market, with Cilo Cybin’s transition serving as a case study of how AltX-listed firms can graduate into the mainstream exchange. The shift reinforces the JSE’s commitment to nurturing growth companies in frontier sectors like life sciences and alternative medicine.

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