Cilo Cybin Pharmaceutical, a South African cannabis producer, announced plans to IPO on the Johannesburg Stock Exchange.
The company also announced it will undertake a strategy geared towards the business of psychedelic medicines, by applying for a research permit to study psilocybin, the active compound in so-called “magic mushrooms.”
CEO Gabriel Theron said in an interview with Bloomberg that his company plans a stock listing within the next 12 months. The executive reported that a possible secondary listing in the Luxembourg Stock Exchange, or LuxSE, could follow.
Cilo Cybin received a certification from the South Africa Health Products Regulatory Authority to grow, process and package cannabis products. The company is a holder of one of the 28 licenses granted by the South African government to produce cannabis for commercial purposes.
According to Bloomberg, Cilo Cybin is allowed to export cannabis internationally and “is signing several international deals” for distribution in Australia, Brazil, the UK, parts of Europe and Israel.
The company operates an indoor growing facility that can produce about 100kg (220 lb) of cannabis flower per month.
Photo: Johannesburg, South Africa by Clodagh Da Paixao on Unsplash
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