JSE-listed industrial cannabis investment business Labat Africa has announced that it has scored a R300m investment from a US company. | Fin24
JSE-listed industrial cannabis investment business Labat Africa has announced that it has scored a R300m investment from a US company.
JSE-listed industrial cannabis investment business Labat Africa has announced that it has scored a R300-million investment from US company GR Global Ventures (GRGV). "We are pleased to have a very high-quality, sector-focused, US-based institutional investment group as one of our key stakeholders. As Labat Africa continues to mature in the personal healthcare and industrial cannabis industries, a partner such as GRGV is a key component to supporting our winning efforts," CEO Brian van Rooyen said in a statement.
The black-owned cannabis holding group said its initial capital raising process was severely impacted by the Covid-19 pandemic"With markets now beginning to re-open and investors on the lookout for new growth segments, this investment will accelerate the implementation and roll out of these sector-leading initiatives."
Labat's share price was up by 16% early on Monday afternoon.It also announced on Monday that it was successful in getting a secondary listing on the Frankfurt Stock Exchange."We are excited that we are now able to access international cannabis investors and markets with the FSE listing. It also allows international investors an opportunity to enter the lucrative South African market," Van Rooyen said. headtopics.com
Earlier in the year, Labat faced potential suspension from the JSE after failing to meet the deadline to submit financial statements for the six months to end February. It later published its reviewed interim results, saying at the time it remained determined to pursue cannabis interests despite bruising losses and a tough regulatory environment.
In July, Labat, which has completed its transition into the medical cannabis industry, said the shift had put"severe pressure" on the group's finances.It was also recovering at the time from a"painful cash drain" of its fuel retail business, Force Fuel, and had deconsolidated Force Fuel from its audited results for the year ended 31 August 2020.
We live in a world where facts and fiction get blurredIn times of uncertainty you need journalism you can trust. For onlyR75 per monthRead more: News24 »
LIVESTREAM | NSC matric exam results announcement
The matric class of 2021 are eagerly awaiting their results which are to be announced by Education Minister, Angie Motshekga.
Fin24 hey man as long my stock is finally about to see green 😭 Fin24 Yazi it look like I have to start by looking investor's abroad nami 🤞🏿
Asia markets down on Omicron, US jobs data worriesAsian markets broadly fell in morning trading Monday, tracking uncertainty over the Omicron variant of Covid-19.
Flat US bond yields and prospect of tighter policy weigh on goldSpot bullion was little changed at $1,782.95 per ounce while US futures were flat at $1,783.60
Asian markets lag as US and European stocks futures riseEarly trade was cautious as MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.5% I'm so happy I took part on this opportunity with LindaStouffes fear didn't want me to proceed at first but I just said to let go and gave it try. may you continue to excel LindaStouffes
Anthony Fauci says US re-evaluating Omicron travel bans but no decision yetOmicron variant found in almost one-third of US states, say health officials
US, West blast Taliban over reported 'summary killings' of ex-security forces | News24The US on Saturday led a group of Western nations and allies in condemnation of the Taliban over the 'summary killings' of former members of the Afghan security forces reported by rights groups, demanding quick investigations.
What Apple’s warning tells us about spending in Omicron-hit worldThe latest spending patterns may be another step in the shift from goods to services, like hotels and restaurants that have reopened since lockdowns