BusinessEurope’s name for medical hashish sees SA agency thrive

Europe’s name for medical hashish sees SA agency thrive

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Booming demand for medicinal hashish from Europe to Australia has seen a South African producer promote all of its output for subsequent 12 months prematurely.

SafriCanna signed sale offers with Germany and Australia for the majority of the manufacturing, Bassim Haidar, chief govt officer of its largest investor, Optasia, stated in an interview. The corporate began building of its amenities within the capital, Pretoria, in 2019 and shipped its first flowers in June.

In the identical month, it agreed with German-based DEMECAN to provide medicinal hashish flowers.

To satisfy rising demand, SafriCanna goals to extend manufacturing fivefold by 2024. It’ll spend $40 million on increasing its amenities in Pretoria to provide 25 000 kilograms (55 000 kilos) of hashish flowers a 12 months from 5 000 kilograms presently, Haidar stated.

The legalisation of medicinal hashish in additional than 40 nations has led to an explosion in demand for a product that can be utilized to assist deal with nausea, Alzheimer’s and persistent ache.

SafriCanna is amongst a handful of African firms to have met the European Union’s strict good-manufacturing-practice requirements, permitting it to export hashish flowers as an lively pharmaceutical ingredient to Europe, Haidar stated.

The worldwide medical hashish market was value $26.1 billion in 2021 and is predicted to broaden at a compound annual progress charge of 10.4% by means of 2027, in response to analysis agency IMARC Group.

A 51-year-old Nigerian-born entrepreneur, Haidar selected to put money into South Africa’s hashish trade due to its infrastructure, low cost land and good local weather, he stated. In accordance with Prohibition Companions, the nation’s hashish trade is predicted to be value R27 billion by 2023.

Different traders within the firm embody Nir Aloni and former MTN Group CEO Sifiso Dabengwa.

© 2022 Bloomberg

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