On 29 April 2024, cannabis consulting firm Medigrow, which has thus far established 14 medicinal cannabis farms across the country, signed an investment pledge with the Eastern Cape provincial government.
This pledge will see them included in the government’s Coega Special Economic Zone (SEZ), which is a prime industrial area near Gqeberha in the Eastern Cape designed to attract investment and boost manufacturing.
As per the agreement, a sum of R246 million will be invested by the end of 2024 to finalise an extraction and manufacturing facility for growing indoor cannabis, extracting CBD, producing hemp cigarettes, and packaging the products.
According to the investment agreement, the goal is to cultivate 10,000 hectares of cannabis over the next five years.
A total of around R1 billion will be invested in Coega, which is said to create nearly 30,000 job opportunities. The plan is to assign three workers to each hectare.
More on the story here: https://businesstech.co.za/news/business/770324/cannabis-capital-for-south-africa-gets-r1-billion-investment/
