British-owned phyto-extractions company, Verve Dynamic Ltd, joined up with Lesotho businessman, Sam Matekane, to open a medical CBD processing facility in the southern African country.
The plant was officially opened last Friday, following over a year of preparations. The King of Lesotho, King Letsie III, was present at the opening ceremony. The opening marks Lesotho’s move to be at the forefront of African nations exploring the legal Cannabis market.
Verve Lesotho, plans to process medical CBD (the prominent cannabinoid found in the Cannabis Sativa plant) for global export. Sam Metakane, founder and partner of Matekane Group of Companies (MGC), teamed up with British investors and Directors of Verve Dynamic Ltd, Richard Davies and Joe Simon.
Sam Matekane, founder of MGC, said:
“We are poised to become one of the lowest cost producers of medical cannabis extracts in the world,”
Matekane hopes that the investment will boost development in the country, “enabling our people to work towards to a financially sustainable country for all.”
Last year, Canadian Cannabis firm, Aphria, announced the joint venture with Verve Dynamics – Cann Invest Africa Ltd. Aphria signed an agreement to export the CBD extracts processed in the Lesotho facility, globally.
Lesotho has long had an illegal Cannabis farming industry, and has joined other African countries, South Africa and Zimbabwe, to embrace the industry for the production of medical CBD. The investment in the Lesotho industry is estimated to produce hundreds of jobs for local people in the future. Lesotho is an African Kingdom, which is encircled by South Africa.
Africa’s legal Cannabis market is one that is ripe for growth, with many areas on the continent having excellent growing conditions for the crops. A report – “The African Cannabis Report” – published by Prohibition Partners, estimated that Africa’s legal Cannabis market could be worth over US$7.1 billion by 2023.
The report was based on the growth of the industry in nine African countries, including Lesotho.
Despite CBD products being legal in the UK, the extraction of CBD from Hemp is prohibited. This means that investors are unable to invest in CBD production within the UK, and farmers are unable to provide Hemp for a British CBD industry.
CBD extracts are imported to Britain from other countries, typically from the European continent. However, the British and Canadian investment in the Lesotho could see the importation of new medical CBD products from the African continent.
