Cilo Cybin Makes History as First Medical Cannabis Company on Johannesburg Stock Exchange

Cilo Cybin Makes History as First Medical Cannabis Company on Johannesburg Stock Exchange

Cilo Cybin has set a historic precedent by becoming the first medical cannabis company to list on the Johannesburg Stock Exchange's (JSE) Alternative Exchange (AltX). This significant achievement reflects South Africa's burgeoning cannabis industry, which has been gaining momentum since the legalization of marijuana for personal use in 2018 and the sale of cannabidiol (CBD) in 2019.

Founded in 2022, Cilo Cybin has rapidly positioned itself as a leader in the medical cannabis sector. The company focuses on acquiring and operating businesses involved in the manufacturing of medical cannabis products. Currently, it serves approximately 10,000 consumers monthly in the Australian market, offering cannabis oils, flowers, and pharmaceutical ingredients.

The decision to list on AltX is part of Cilo Cybin's strategic plan to capitalize on the projected growth of the global medical cannabis market, which is expected to increase from $12.6 billion in 2023 to $40.48 billion by 2032. Gabriel Theron, CEO of Cilo Cybin, emphasized the company's ambition to be at the forefront of this expanding market, highlighting the raised funds' role in tapping into the growing global investor interest in alternative medicines.

Despite not meeting the 50 million rand requirement to list on the main board of the JSE in 2022, Cilo Cybin's shares have shown impressive performance, initially offered at 1 rand and surging to 6 rand shortly after listing. The company also has its sights set on a future listing on the Nasdaq within the next three years, aiming to further integrate into the global cannabis market.

South Africa joins a growing list of countries revising cannabis regulations, with significant commercial opportunities expected as the market develops. The successful listing of Cilo Cybin on the JSE AltX marks a milestone for the industry and sets the stage for future growth and investment in African cannabis.

By Willie "Bud" Rauchmann