21 C
Johannesburg
Sunday, November 27, 2022
HomeBusinessCilo Cybin IPO closes tomorrow ahead of November 14 listing

Cilo Cybin IPO closes tomorrow ahead of November 14 listing

Cilo Cybin IPO closes tomorrow ahead of November 14 listing

- Advertisement -

Cilo Cybin Holdings, which plans to list in the JSE’s main board on November 14, said yesterday that its initial public offering (IPO) to raise R500 million closes tomorrow.

The company plans to acquire and invest in biotech, biohacking or pharmaceutical sector companies in the cannabis, psychedelics, wearable devices and custom nutrition markets.

The results of the IPO are expected to be released on Tuesday.

The company said in a statement that it had identified potential acquisitions in South Africa and the US. One of these was Cilo Cybin Pharmaceutical (CCP). Gabriel Theron, founder of Cilo Cybin Holdings, is also the founder and main shareholder in CCP.

“CCP has a state-of-the-art cultivation, manufacturing and packaging facility in Midrand. The vision of the company from the outset was not to sell cannabis flower as a final product, but rather processed pharmaceutical grade products,” the statement said.

According to Cilo Cybin Holding’s website, the company introduced its first cannabidiol (CBD) products (derived from the cannabis plant) in South Africa in March this year, including medical devices and supplements, with its CBD products being marketed as smokeable pens and in eyedropper bottles, to promote energy, stimulation, relaxation and assisting with pain and sleep.

CCP holds a GACP (Good Agricultural Manufacturing Practices) licence from the regulator, the South African Health Products Regulatory Authority, to cultivate cannabis and a second licence to make an active pharmaceutical ingredient (API) oil and a final labelled pharmaceutical grade product, making CCP the first company in South Africa to have both GACP and GMP (Good Manufacturing Practices) cannabis licences in one company.

CCP develops, manufactures and distributes its own branded products and makes pharmaceutical grade products for local and international third parties on a tolling basis.

Cilo Cybin said that globally cannabis, psychedelics and overall physical and mental health haD become a high-growth, high-margin, attractive business to invest in.

CCP had been operating in this sector since 2018, formulating and producing its own branded product and claimed to be leaders in this market segment.

BUSINESS REPORT

Original Article

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular

- Advertisment -