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In yet another huge dagga deal, major SA cannabis companies ink a R650 million merger Jun 03, 2021, 02:39 PM
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Goodleaf, which opened South Africa s first legal commercial cannabis store in 2019, is merging with a Lesotho-based grower.
The deal, said to be worth around R650 million, is aimed at expanding Goodleaf s export market.
This latest deal follows a flurry of developments in South Africa s cannabis sector, with government readying a master plan and a JSE-listed firm investing in plants and smokables .
For more stories go to www.BusinessInsider.co.za.
One of South Africa s first commercial cannabis brands, Goodleaf, has merged with Highlands Investments in a deal they value at approximately R650 million. The newly-announced partnership follows several high-profile developments in South Africa s cannabis industry, with neighbouring Lesotho playing a vital role.
Labat Africa makes moves in the growing cannabis economy
By BR Reporter
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JSE-listed, Labat Africa Ltd is making moves to become a major player in the cannabis economy. The company has acquired a 75% stake in Leaf Botanicals Pty Ltd, a cannabis growing and cultivation facility and one of the first companies in South Africa to be issued with a cultivation and export license.
Labat Africa also recently announced that it has an agreement with global hemp and Cannabidiol (CBD) smokable brand, Ace and Axl.
In a statement, Labat CEO Brian van Rooyen said these latest business moves would make the company shift to a healthcare business that encompasses the entire cannabis value chain.
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Well, to tell us more about their foray into this area I’m joined on the line by Brian van Rooyen. He’s the CEO at Labat Africa. Thanks very much Brian, for joining us. You are an investment holding company. Before you got into the cannabis space, what sort of companies have you been investing in?
Labat CEO on the budding cannabis industry
The budding cannabis industry in South Africa has exponential potential. Labat Africa – a JSE-listed company – is well aware of this and the company has accordingly repositioned itself as Labat Healthcare with a focus on cannabis – pharmaceutical, medical and at a later stage, industrial. Brian van Rooyen – the CEO of Labat Africa – joined the BizNews Power Hour to discuss the group’s plans concerning high-grade cannabis for medicinal purposes. Van Rooyen said that the company is now ready and that ‘there are some big things that are going to happen in the next couple of weeks’. – Nadya Swart