Zimbabwe Scraps State Cannabis Ownership Rules to Lure Investors
Ray Ndlovu, Bloomberg News Cannabis plants growth at a Cannativa AC research lab in Mexico City, Mexico, on Friday, April 9, 2021. Mexicoâs proposal to legalize cannabis has hit a snag in the Senate, where a revised version of the bill is under consideration. Photographer: Mauricio Palos/Bloomberg , Bloomberg
(Bloomberg) Zimbabwe abolished a rule which requires co-ownership between government and private investors in the cultivation of cannabis for medicinal use, seeking to encourage what the country sees becoming the biggest cash crop.
âInvestors can have 100% ownership of their investments and locate their facilities anywhere in the country without prescription,â Douglas Munatsi, chief executive officer of the Zimbabwe Investment & Development Agency, said Wednesday in an emailed statement.
United Refineries MD and Zimbabwe Investment and Development Agency Busisa Moyo
Captains of industry in Bulawayo are optimistic of enhanced production capacity growth, following government’s commitment to revive the country’s industrial hub.
The down turn of agricultural sector at the turn of the millennium affected a number of manufacturing companies in Zimbabwe, with such firms as Archer clothing, now Paramount garments and United Refineries Limited in Bulawayo greatly affected.
Despite facing these challenges, these companies have remained resilient and after the visit by President Emmerson Mnangagwa this Friday, there is confidence of an increased production capacity.
“The prospects of us expanding are very high. We had a discussion today with the ministers and the President and we highlighted that raw material supply is a critical need that we have. He has given us a pledge of support for various initiatives like contract farming, out grower for cotton.
THE medical cannabis industry has received a major boost after approved projects were allowed to retain 100 percent of their export earnings.
The move comes at a time when the country’s investment promotion agency is receiving enquiries from local and external business people interested in projects within the cannabis medical industry.
In a joint press statement, the Zimbabwe Investment and Development Agency (ZIDA), Medicines Control Authority (MCAZ) and the Cannabis Industry Association of Zimbabwe (CIAZ) announced te operational framework will be administered through ZIDA’S one stop investment services centre.
“Investors can have 100% of their investments and locate their facilities anywhere in the country without prescription. This is a significant departure from previous policy which required investors to co-own investments in joint venture with government or government entities and locate investments at state prescribed locations,” read part of the statement.
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