South Africa’s Cilo Cybin has made history by becoming the first medical cannabis company to list on the Johannesburg Stock Exchange’s Alternative Exchange. This milestone marks a significant step forward for the cannabis industry in South Africa, opening new opportunities for growth and investment in the burgeoning sector. Let’s delve into the details of this groundbreaking listing.
The Listing:
Cilo Cybin’s listing on the stock exchange positions it at the forefront of the legal marijuana industry. South Africa legalized marijuana for personal use in 2018 and allowed the sale of cannabidiol (CBD), a non-psychoactive compound derived from the cannabis plant, in 2019. The company aims to capitalize on the projected growth of the global medical cannabis market, which is expected to reach approximately $40.48 billion by 2032, up from $12.6 billion in 2023.
Business Focus:
Founded in 2022, Cilo Cybin focuses on acquiring businesses involved in the medical cannabis manufacturing process. The company operates in the Australian market, where it sells cannabis oils, flowers, and pharmaceutical ingredients to approximately 10,000 consumers every month.
Future Plans:
Cilo Cybin’s CEO, Gabriel Theron, expressed the company’s ambition to tap into the growing global investor appetite for alternative medicines. The funds raised from the listing will support this goal. Additionally, Cilo Cybin has its sights set on listing on the Nasdaq within the next three years
