Medical cannabis firm Cilo Cybin completes JSE SPAC listing
TLDR
- Cilo Cybin Holdings listed on JSE AltX as Cannabis SPAC for biotech and medical cannabis acquisitions.
- First Cannabis SPAC on AltX targeting expansion in biotechnology and medical cannabis sectors.
- Cilo Cybin Pharmaceutical holds licenses for medical cannabis cultivation and manufacturing, producing GMP cannabis products for local and global markets.
Medical cannabis investment company, Cilo Cybin Holdings, has been listed on the Johannesburg Stock Exchange’s (JSE) AltX Board as a Special Purpose Acquisition Company (SPAC). The company aims for significant expansion and growth through new acquisitions in the biotechnology and medical cannabis industries.
Cilo Cybin is the first Cannabis SPAC to list on the AltX Board. Its first target, Cilo Cybin Pharmaceutical, is widely recognized 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 both local and international markets.
Key Takeaways
A SPAC is created and listed on a stock exchange with the specific goal of raising funds through an Initial Public Offering (IPO) to purchase one or more established companies or assets. By listing as a SPAC, Cilo Cybin Holdings Limited aims to secure its first target asset – the Cilo Cybin Pharmaceutical business and its 2,500-square-meter 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 organically and through further acquisitions. Cilo Cybin Holdings Limited is offering only 10% of its total equity, with over 71 million ordinary shares priced at R1 per share.
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