Cilo Cybin Pharmaceutical Ltd. is considering an initial public offering in the next 12 months after becoming the first South African company to win the right to grow, process, and package cannabis products. The firm, named after the psychoactive substance in magic mushrooms, received the required certification from the South African Health Products Regulatory Authority. It will now be able to produce marijuana for sale to consumers around the world, founder and Chief Executive Officer Gabriel Theron said in an interview. “The plan for the next 12 months is to go public,” Theron, 40, said at Cilo Cybin’s operations near Pretoria. “We are planning a dual listing with the mainboard being the Johannesburg Stock Exchange, and we are thinking Luxembourg possibly for a secondary listing or another stock market in Europe.” The money raised will partly be used for its cannabis business, which uses a strong South African strain called Durban Poison with high levels of tetrahydrocannabinol, or THC, the main psychoactive chemical. It will also be used to develop other activities such as biohacking, the practice of using apps or supplements to improve health.
Mmp News Author, Medical Marijuana Program Connection, 08/29/2021 04:40:00