A German company has been allowed to grow Mbanje in Zimbabwe.
The founder and CEO of Amatheon Agri Holding, Carl Heinrich Bruhn said the government awarded Amatheon a renewable five-year licence.
Amatheon Agri, a German agriculture firm listed on Europe’s Euronext stock exchange, has been allowed to grow medicinal cannabis in Zimbabwe.
This approval lays the foundation for Amatheon Agri’s entry into a highly lucrative future industry. With the license in hand, we can now start planning a scalable project that will significantly support our business growth in this specialised market.
The company says it will now enter a detailed planning phase during which it will identify the site, variety and protocols required for production.
Under regulations agreed between growers and the Zimbabwe Investment and Development Agency (ZIDA), cannabis investors can now own 100% of their operations. Previously, they were compelled to have joint ventures with locals.
Cannabis growers can also keep 100% of their foreign currency earnings for two years when they export unprocessed product. ZIDA CEODouglas Munatsi said investors can keep all their earnings for four years for processed exports. ZIDA also drew up investment agreements that protect investors from dispossession and law changes
According to US market research firm BDSA, the global market for medicinal cannabis was estimated at US$ 21.3 billion in 2020, with expected global sales of US$55.9 billion in 2026.