Africa is about to get its first listing of a medical cannabis-focused SPAC, or special purpose acquisition company, when CiloCybin Holdings raises money in Johannesburg later this year. Moneyweb Cannabis
Africa is about to get its first listing of a medical cannabis-focused SPAC, or special purpose acquisition company, when Cilo Cybin Holdings raises money in Johannesburg later this year. The company is seeking as much as R2 billion, said Gabriel Theron, who leads the business. “The first step of the plan with the money raised is to acquire an existing cannabis manufacturing facility and to super-size its capacity,” said Theron, who set up and is a part owner of the proposed site.
While the popularity of blank-check companies — as SPACs are also known — has been on the wane recently in the US and Asia amid tightening regulatory scrutiny, the Cilo Cybin move indicates there may still be appetite in Africa. Cilo Cybin’s acquisition target is a facility in Pretoria that has the capacity to produce about R150 million worth of cannabis and vaping products a month, said Theron.
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