South African company hopes to raise $115 million to manufacture medicinal cannabis

Cilo Cybin Holdings has received the go-ahead to list on the Johannesburg Stock Exchange (JSE) as Africa’s first cannabis-targeted special purpose acquisition company (SPAC), and hopes to raise R2bn ($115m) for the manufacturing of medicinal cannabis in an initial public offer (IPO) that will remain open till November.

Founded by entrepreneur Gabriel Theron, Cilo Cybin Holdings is expected to draw significant attention from investors as South Africa’s nascent cannabis industry takes a major step towards accessing a much-vaunted global market estimated to be worth $27bn in 2022.

“The first step of the plan with the money raised is to acquire an existing cannabis manufacturing facility and to super-size its capacity,” says Theron. “We want to position ourselves as one of the largest processing hubs for the cannabis industry in Africa.”

Theron expects the global legal cannabis market to be worth $51bn by 2025 and that the companies that will survive in an incredibly complicated and regulated yet lucrative market will be the ones that establish strong brands early in the race.

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