The President of Zimbabwe on Wednesday said he commissioned a farm and processing plant to grow medical cannabis worth $27 million.
interested in trade Reports That President Emmerson Mnangagwa “commissioned a medicinal cannabis plantation, and a processing plant at Mount Hampden set up by Swiss Bioceuticals Limited in Western Province, Zimbabwe … to produce cannabis (buildings or daja) for medicinal and scientific purposes,” was the rapid development of the processing plant, which adds value Great for the crop, a testament to the success of the government’s engagement policy and the confidence that Swiss companies and investors have had in Zimbabwe and its economy.”
“This milestone is a testament to the successes of my government’s policy of engagement and re-engagement. It further demonstrates the confidence that Swiss companies have in our economy through their continued investment in Zimbabwe. I express my deepest congratulations to Swiss Bioceuticals Limited on this timely investment in their medicinal cannabis plantation. and processing plant and value chain, valued at US$27 million,” As quoted before interested in trade.
interested in trade mentioned That president “added that investors should follow in the company’s footsteps and open their business to support the slogan that ‘Zimbabwe is open for business and be willing to generate foreign exchange for the country'”.
Come announce the farm Almost three years after the demise of the country With its laws banning the cultivation of hemp because it is looking to produce a new crop for export. A year earlier, in 2018, the state legalized medical cannabis.
Repealing the ban is part of a coordinated effort by Zimbabwe to focus on its longtime main source, tobacco, of which it is the continent’s main product.
Since tobacco exports bring in much less money to farmers and producers in Zimbabwe than they used to, Much of the country’s industry has shifted to cannabis production.
at Reports On the abolition of the cannabis ban in 2019, Bloomberg pointed That the country was seeking “to increase export earnings and offset the global campaign against tobacco, a major source of foreign currency,” Zimbabwean officials said at the time it would focus initially on cannabis and medicinal cannabis.
earlier this week, Reuters I detailed the still nascent medical cannabis industry in the country and how the farmers there have adapted.
Reutersciting Barclays analysts, reported that “the global cannabis industry could be worth $272 billion by 2028”, and that “Zimbabwe’s Finance Minister Mthuli Ncube said the country wants at least $1 billion of that — more than it currently earns. Of the highest agricultural products. Tobacco export. ”
Reuters It highlighted a 35-year-old Zimbabwean farmer named Munyaradze Nyanungu, who has obtained one of 57 licenses to operate cannabis in the country.
“We sell cannabis at $25 per kilogram, five or six times what a good crop of tobacco can give you. We are actually sitting on a green gold mine,” Nyanungu said. Reuters.
Nyanungo has a US-based partner in “King Kong Organics, which supplies seeds and other inputs, purchased the greenhouses under a purchase agreement that will see the company purchase the hemp crop for processing.”
On Wednesday, Mnangagwa, the country’s president, urged other investors who have permits to quickly activate their permits and licenses for the benefit of the economy in general and people in particular, according to interested in trade.
“I challenge other players in the medical cannabis sub-sector to quickly establish their businesses, with a focus on adding and leveraging value. It is disappointing that since 2018, only 15 of the 57 entities have issued cannabis [licenses] Mnangagwa said, quoted by interested in trade.