After winning the right to grow, process and package cannabis products, Cilo Cybin Pharmaceutical Limited is moving forward with an IPO on the Johannesburg Stock Exchange within the next 12 months.
Bloomberg quoted Founder and CEO Gabriel Theron as saying that the company will now produce marijuana for sale to consumers globally.
According to the report, Cilo Cybin is South Africa’s first indiginous company to win a full cannabis license and certification from its Health Products Regulatory Authority.
Cilo Cybin is a South Africa-based pharmaceutical company with indoor growing facilities. The company is focused on the cultivation, extraction, manufacturing, import, export and distribution of cannabis and cannabis-derived products.
The company is named after the psychoactive substance in magic mushrooms, which contain psilocybin or psilocin. Cannabis and magic mushrooms are all-natural drugs that reportedly produce uplifting and euphoric highs.
In 2018, the Theron-led company cited a report that stated that drinks infused with marijuana-derived compounds could swell to become a $600-million market in the United States by 2022, outpacing the growth of other categories of retail cannabis products.
Suffice it to say that Cilo Cybin is looking to harness the vastly undertapped global cannabis market with the proposed IPO.
Gabriel Theron
Cilo Cybin was founded in 2018 by Theron, a South African businessman and serial entrepreneur.
Before founding Cilo Cybin, Theron founded two other companies, including Luuk ICT (an R&D company) and Prosperosa360 (a tourism-focused startup) in 2006 and 2018, respectively.
By 2015, Theron was appointed as a non-executive board member of South Africa Forestry Company Limited, a state agency reputed to be Africa’s third-largest forestry company. He served between 2015- 2017.
