A ZAR1 billion five-year project to cultivate cannabis and process it into medical products is getting off the ground.
Medigrow’s cannabis project is taking shape on a 10 000 ha property at the Coega Special Economic Zone near Gqeberha, Eastern Cape, reports BizCommunity.
It is investing an initial ZAR100 million to set up an indoor cultivation facility as well as the processes for cannabidiol extraction, packaging and hemp cigarette manufacturing.
In addition, 30 selected rural farmers will be licensed to legally grow the crop and will receive hemp seeds from Medigrow. The harvested hemp will be processed at the Coega facility for export to Europe.
‘The investment represents the biggest investment in this sub-sector in the province, and we hope it will act as a catalyst to those investors (locally and internationally) who have identified the province as a strategic location for cannabis investment,’ says Eastern Cape Premier Oscar Mabuyane.
The province has invested ZAR5 million into the project, which is set to create nearly 30 000 job opportunities.
