Cilo Cybin Founder Gabriel Theron Details Plans Of Launching The First African Cannabis SPAC
Cilo Cybin Founder Gabriel Theron Details Plans Of Launching The First African Cannabis. It has been reported that Cilo Cybin founder Gabriel Theron is planning in launching the first African Cannabis Special Purpose Acquisition Company (Spac).
Theron said in an interview that he will seek to sell shares in a special purpose acquisition company in Johannesburg in May and raise a minimum of 500 million rand ($32 million). The entrepreneur will then use the vehicle to buy Cilo Cybin, which he values at as much as 300 million rand, followed by non-cannabis health companies in South Africa and the U.S. “We don’t have time to wait to acquire the American assets. I want to be publicly trading by the third quarter of this year. That’s my line in the sand.” Theron added.
Cilo Cybin combines Biohacking, Biotech and Pharmaceutical methodologies to deliver a holistic and individualised solution that enables our customers insights into their health, performance, and longevity, that they never had before. We believe the world is entering a new era of personalised healthcare, a world in which each person’s health and wellbeing will require bespoke, individualised and intelligently targeted interventions. Cilo Cybin is ready and able to successfully propel its product and service offering to a world that continues to hope and strive for better health, performance, and longevity.
“We know the investors, we know the funds, we have the hype here,” he said of his decision to list in Johannesburg. A secondary sale on the Nasdaq is a possibility, he added. Theron will hold a 5% stake in the SPAC, 20% will be sold to the public and the balance will be made available to asset managers.
According to Bloomberg, the firm is the first in South Africa to win the right to grow, process, and package cannabis products. It’s also able to sell the products globally, making the licenses more valuable.
