Business
Cilo Cybin makes history on the Johannesburg Stock Exchange
What is happening here?
Cilo Cybin has just made history as the first medical cannabis company to list on the Johannesburg Stock Exchange. Action Exchange's Alternative Exchange (AltX) on June 25, 2024.
What does that mean?
This listing marks a significant milestone for both Cilo Cybin and the South African cannabis industry. Since the legalization of marijuana for personal use in South Africa in 2018, and the sale of cannabidiol (CBD) a year later, the sector is gearing up for substantial growth. Cilo Cybin's move to AltX aims to capitalize on this momentum. The projections are optimistic: the global medical cannabis market is expected to grow from $12.6 billion in 2023 to approximately $40.48 billion by 2032, according to the company's CEO. Funds raised through this listing will help Cilo Cybin expand its reach and meet growing global demand. interest in alternative medicines.
Why should I care?
For the markets: The green rush in South Africa.
Investors are showing growing interest in alternative medicine, as evidenced by the successful listing of Cilo Cybin. orient yourself. The company's shares, initially listed at R1 each, jumped to R6 at 3:39 p.m. local time, indicating strong market confidence. With South Africa's favorable legislation and global market projections, this could be a pioneering initiative that would encourage more listings and investments in the burgeoning cannabis sector.
The big picture: Light up the Nasdaq.
Founded in 2022, Cilo Cybin is strategically positioned for significant growth. Although the company fell short of the R50 million ($2.75 million) requirement to list on the main board of the Johannesburg Stock Exchange in 2022, the current listing paves the way for its ambitious plans . The company aims to be listed on Nasdaq within three years. If successful, this expansion could further integrate South African companies into the global cannabis market, fostering international investment and cooperation.
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