Browsing: medicinal cannabis

By 2023, the value of Africa’s legal cannabis market could be at least US$7.1bn across nine key African countries if they legalize recreational and medical use, according to The African Cannabis Report from industry analysts Prohibition Partners. Worldwide, the Covid-19 lockdown period saw record-breaking sales of cannabis in multiple regions. Global sales of CBD (an active cannabis ingredient frequently used as a natural remedy), medical cannabis, and adult-use (recreational) cannabis topped US$37.4bn in 2021, and could rise to US$102bn by 2026, says the firm.

According to African Business, natural and situational advantages have attracted investor interest in Southern Africa. In mid-March, Akanda, a London-headquartered firm that owns the Bophelo Bioscience & Wellness cultivation campus in Lesotho, announced the completion of its initial public offering of 4m shares on the Nasdaq Capital Market.

Cannabis Business Africa, in an article published as far as February 13, 2021, said SilverLeaf Investments is aiming to be of service in addressing the gap that exists between the industry’s potential and its current funding deficit.

The Traditional Chinese Medicine (TCM) and Acupuncture Centre at the Parirenyatwa Hospital in Harare, the capital of Zimbabwe, has started training on TCM and acupuncture for the first batch of local health workers to meet the growing demand for Chinese medicine in the country.

According to Xinhua, the centre was established in 2020 as part of efforts to offer Zimbabweans affordable medical treatment and has in recent months seen a multitude of patients seeking medical attention free of charge

Zhu Wei, a TCM doctor and chief of the centre, said the three-month program aims to train a group of local health professionals who can provide an alternative medical option to Zimbabweans.

Zimbabwe allows for 100% ownership of medicinal cannabis investments, allows for farming on private land, and has put in an added layer of protection called the Investment Stability Agreement.

Recently, Zimbabwe’s President Emmerson Mnangagwa commissioned a US$27 million Swiss Bioceuticals Limited Medicinal Cannabis Farm and Processing Plant in Mount Hampden, Mashonaland West Province.

Farmers Review Africa on May 12, 2022, said Swiss Bioceuticals limited constructed a state-of-the-art medicinal cannabis processing plant, fitted with the first line of medicinal cannabis oil processing. It is also equipped with a cannabis oil processing line aimed at stimulating bio-medical solutions and pharmaceutical products for both local and international markets.