Although listed cannabis company Labat Africa’s share price has tanked by 70% over the past year to sit at a current low of nine cents, management is confident that the ship will swing around over the next two years on the back of export contracts.
Labat Africa chief executive Brian van Rooyen admits that the company’s share price has been “taking a beating”, but says one of the reasons is that 19 million shares were sold when the share was between 18 cents and 10 cents.
Cilo Cybin founder Gabriel Theron told investors they would be refunded and that the company would focus on new developments in the pipeline. “We were recently awarded an extraction licence, making us one of only three companies in the country that can legally extract not only CBD, but all types of THC, which we can then export,” he says.
Stanton van Rooyen, chief executive of Labat Healthcare, notes that the growing conditions in South Africa are phenomenal:
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