Labat Africa Ltd is making moves to become a major player in the cannabis economy. The company has acquired a 75% stake in Leaf Botanicals Pty Ltd, a cannabis growing and cultivation facility and one of the first companies in South Africa to be issued with a cultivation and export license.
Labat Africa also recently announced that it has an agreement with global hemp and Cannabidiol (CBD) smokable brand, Ace and Axl. In a statement, Labat CEO Brian van Rooyen said these latest business moves would make the company shift to a healthcare business that encompasses the entire cannabis value chain.
“We’ve recently made significant investments in healthcare, with a focus on the production of CBD pharmaceutical, health, and wellness products; as well as the growth and cultivation of European Union (EU)-compliant, high-Tetrahydrocannabinol (THC) containing Cannabis for the European medical industry,” van Rooyen said.
The company said Leaf Botanicals, located in Upington, Northern Cape, is best known for its association with Carpe Diem. Established in 1932, Carpe Diem is one of the largest growers and exporters of organic table grapes, raisins, and pecans in South Africa.
Read more at iol.co.za.