(Bloomberg) -- Cilo Cybin Holdings Ltd., a South African medical cannabis company, abandoned plans for an initial public offering in Johannesburg after failing to attract enough investment.

The business, the first in South Africa to win the right to grow, process and package cannabis products, had planned to list as a special purpose acquisition company, or SPAC. The aim was to raise as much as 2 billion rand ($116 million), founder Gabriel Theron said earlier this year, yet investors offered to buy just 20.5 million rand of shares.

“We have determined it is in the best interest of the company to focus on its growth initiatives, and thus to postpone listing to a later date,” Pretoria-based Cilo Cybin said in a statement Wednesday. Investors will be entitled to a refund.

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