First Weed Company On JSE List Purchases Lesotho Supplier

First Weed Company On JSE List Purchases Lesotho Supplier. Labat, a JSE listed organisation lead by former Rugby player Brian van Rooyen, is growing its weed division with another stake.

Labat, a JSE listed organisation lead by former Rugby player Brian van Rooyen, is growing its weed division with another stake. On Friday, the organisation planned to buy 70% of shares in Lesotho weed harvester and manufacturer Zarenka for about R58 million. The division which was founded this month already bought stakes in several other companies.

Labat has bought stakes in Knucke Genetics, a company that makes genetic materials for medicinal treatments and cannabis seeds, they also have a stake in Pac-con pharmaceuticals, which makes liquids, tablets, gels, capsule and creams. Zarenka has six weed licenses that allow it to grow, manufacture and distribute weed products that are used for medicine and for fun. Lesotho was the first African state that allowed the growing of weed.

Laba says this is part of its aim to establish a wholly merged weed organisation. “[It] will enable Labat to supply the international market with a lower to mid-tier product for pharmaceutical purposes whilst the higher THC and CBD content is for the upper medicinal research market,” says the statement. It is also aiming to get a dual listing on the Dubai Financial Market, so that they can get more capital to rise the weed unit of Labat.

by Alexandra Ramaite

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