LOCAL
Booming demand for medicinal cannabis from Europe to Australia has seen an SA producer sell all of its output for next year in advance.
The company started construction of its facilities in Pretoria in 2019 and shipped its first flowers in June. In the same month, it agreed with German-based DEMECAN to supply medicinal cannabis flowers.
The legalisation of medicinal cannabis in more than 40 nations has led to an explosion in demand for a product that can be used to help treat nausea, Alzheimer’s and chronic pain.
A 51-year-old Nigerian-born entrepreneur, Haidar chose to invest in SA’s cannabis industry because of its infrastructure, cheap land and good climate, he said. According to Prohibition Partners, the country’s cannabis industry is predicted to be worth R27bn by 2023.
Other investors in the company include Nir Aloni and former MTN Group CEO Sifiso Dabengwa.
Source: TimesLIVE