Investment group Labat Africa, which is venturing into the cannabis market, has announced that it has agreed to buy a business that offers training and education for cannabis production, for R15m, reports Business Day.
Labat Africa will acquire a 70% interest in a business to be known as CannAfrica for a consideration of R15m, to be settled through the issue of 15m ordinary Labat Africa shares, at an issue price of R1 per share. The remaining 30% will be owned by Herschel Maasdorp who, will be appointed CEO of the retail division of Labat Healthcare.
In September 2019, Labat announced plans to become a major player in the cannabis industry.
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