The cannabis industry seems to be expanding rapidly in Zimbabwe. In 2021, the Government created a Green Industry Fund to attract investors to the local cannabis industry, through Zida, an agency that was set up to streamline the investment process in Zimbabwe and a government one-stop shop for local and foreign investors.
In 2022, Emmerson Mnangagwa, the president of Zimbabwe, launched a $27 million medical cannabis farm and processing plant.
The factory is located in Mount Hampden, about seven miles from the capital, and was established by Swiss Bioceuticals Limited. As reported by Business Insider Africa, the processing plant is equipped to produce medicinal cannabis oil and other pharmaceutical products for local and international markets.
Now, local cannabis companies can sell their products as long as they comply with regulations. On Tuesday, The Medicines Control Authority of Zimbabwe invited all licensed cannabis and hemp producers, as well as retail pharmacists to apply for approval to sell their products.
The authority announces also the conditions for applicants, advising that they must submit samples of their products and “certificates of analysis from an accredited laboratory specifying the quantities of the active moieties of cannabidiols and any traces of tetrahydrocannabinol as part of the information in the dossier.”
“Any Hemp-based CBD product applications that do not meet the criteria above may not be approved for distribution, and will be confiscated,” the Medicines Control Authority stated.
“The southern African nation is seeking to boost income from cannabis as it gradually shifts away from tobacco, the main cash crop. The approval will help spur an industry that the country’s Treasury estimates has the potential to reach $1.25 billion a year,” Bloomberg reported.
Image Via El Planteo.
Image and article originally from www.benzinga.com. Read the original article here.