JSE-listed cannabis holdings group Labat Africa’s share price on the JSE rose by 56% on Monday after the company announced it had been approved for a listing on the Frankfurt Stock Exchange (FSE).
Labat is one of two cannabis businesses listed in South Africa, with a focus on pharmaceutical-grade medical cannabis.
The company deemed it fit to pursue a secondary listing in Germany, since that country’s government is planning to legalise cannabis for medicinal and recreational purposes.
Labat believes the listing will allow it to accelerate its portfolio offering to the international markets worldwide, as well as provide wider access to capital.
“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,” CEO Brian van Rooyen said.