CANNABIS LURES INVESTOR
AN INTERNATIONAL firm has announced intention to spend up to US$130 million to establish a medical cannabis oil production and export facility in Zambia once it secures a licence from the Zambian government.
Dr Potter’s Ltd was expected to spend between US$25 million and US$30 million over the initial two-year period in the development of secure cultivation, processing and packaging of medicinal cannabis oil.
Company representative, %erth 0ilton confirPed the development to the Daily Nation in a statement.
“If global market conditions permit, the Company is intending to invest an additional $100 million to further expand operations in year three,” said Mr Milton.
“With close to 1,000 hectares (2,470 acres) and 250 [hectares] (617 acres) initially being cultivated, the operation will be the world’s largest organic medical cannabis oil production and processing facility.”
Over 500 people would be employed across all functions of the Company’s operations in Zambia including management, administration, cultivation, processing, labs and security.
He said the license applied for was expected to be issued to the Company’s Zambian subsidiary Dr Potter’s (Zambia) Limited set up by foreign investors.
“The Company is still engaging the Zambian government for the license to grow cannabis in Zambia for the production and export of medical cannabis oil to licensed importers worldwide,” he explained. He said in view of recent developments in the medical cannabis industry and the advantages of treating conditions such as arthritis, cancer, chronic pain, epilepsy, glaucoma and HIV/AIDS with medical cannabis, the Company made the decision to set up medical cannabis outdoor growing operations in Sub-Saharan Africa because they believed the region was among the better suited in the world for the purpose.
“Zambia is a politically stable country with a very friendly people and Zambian law provides for licensed cultivation of cannabis for medicinal purposes, we approached the government with an application a year ago and together we have been working very hard on the application.
The Zambian government has been truly forthcoming and efficient. ,t is a great pleasure working with all involved from the different ministries and we would like to thank them all for working on making it possible for us to set up operations in this new field of actiYity for =aPEia. It is truly a win-win situation for all and we are looking forward to continue working with the ministries and the people of Zambia,” said Mr Milton.