Investment group Labat Africa Limited took a 49% interest in cannabis breeder Ace Genetics, paying with 1,804,000 Labat shares valued at 1.8 million SA rands (~€98,000/$119,000). Terms of the agreement could see Labat eventually taking 100% of Ace. Labat, based in Johannesburg, said the acquisition will give it a steady stream of raw materials to meet growing demand, aid the company’s growing operations, and assist in expanding its industrial hemp-based business. Ace Genetics grows cannabis in various regions of the Western Cape. The company claims to have more than 100 strains and sub-strains under cultivation with THC and CBD levels of up to 33% and up to 20%, respectively. Labat Africa Limited, which dates to 1995, is an investment holding group that has been listed on the Johannesburg Stock Exchange since 1996. In addition to cannabis, the group has interests in healthcare, logistics, Information communications technology, and energy.
Posted By: HempToday® December 14, 2020
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