admin
Edgar Vhera-Agriculture Specialist Writer
ZIMBABWE’S “open for business” mantra continues to charm the world with British investor, Pharming International injecting US$1,4 million into cannabis production encouraged by the country’s favourable climate, established human resources and experience in agriculture production.
Pharming International director and the licenced and authorised person in terms of the cannabis licence, Mr Paul Anthony Jones said this recently stressing that they had made a good investment decision to become a first mover in Zimbabwe’s emerging medicinal cannabis industry.
“We want to be the first mover in establishing a world standard production site to ensure the best quality medicinal cannabis for the global market. This involves us doing it right from the very beginning ensuring effective systems and best production practices.
“Further our production practices must go green in line with global pursuit to reduce carbon footprint in the fight against climate change,” said Mr Jones.
The cannabis plant is an effective carbon sink, removing large amounts of carbon dioxide from air than it emits, hence its increased production will earn carbon credits for offsetting emissions.
The recent UN Climate Change Conference held in Egypt increased focus on how businesses in Africa could play a part in the fight against global carbon emissions and climate change.
Mr Jones observed that adopting global best practices was the motivator to his company’s quest to establish a production site that harnessed clean solar energy and whose irrigation system would function on pressure generated by the naturally steep hilly terrain on which the site was built. The investment endeavours to meet United Nations sustainable development goals (SDGs) that advocate development that balances social, economic and environmental sustainability.
“It is about guaranteeing quality, both in adopted practices and in the product for the market and in so doing establishing a brand of medicinal cannabis that is unique to Zimbabwe and globally accepted and competitive. Zimbabwe must take full advantage of its unique natural environment, climate and human resource advantage.
“The country has the best sunlight hours for producing quality agricultural crops especially cannabis. Its cautionary approach to genetically modified organisms (GMOs) in the agriculture sector policies makes it a unique producer in a global market increasingly conscious of risks to their health,” added Mr Jones.
Having secured its cannabis licence in 2021 and with Covid-19 restrictions out of the way, the British investor has started with establishing a green site for cannabis production in Harare.
Said Mr Jones: “In Zimbabwe our business has access to the country’s highly educated and skilled population, for critical research in promoting a local brand in a global market only beginning to understand the true extent of medicinal cannabis.
“Partnership with learning and research institutes is key to giving Zimbabwe and investors an edge ahead of other countries coming into the global industry. This will strengthen Pharming International’s goal to produce medicinal cannabis products preferred by the European and global market.”
Cannabis based medicines are reported to be legal in at least 40 countries, with a number of more countries expected to follow suit over the next few years. The global value of medical cannabis market is expected to be worth up to US$62,7 billion by 2024.
The medical cannabis market is expected to constitute 60 percent of the legal market and would be worth more than the recreational cannabis market.
The project’s inclusive business model lawyer, Mr Rangu Nyamurundira also disclosed that when the country took the bold step of becoming the second African country to legalise cannabis production, it was aware of the economic and investment opportunities that medicinal cannabis offered.
“Medicinal properties in cannabis are being embraced around the globe at a time when one of Zimbabwe’s biggest export crops, tobacco faces the threat of a shrinking market due to anti-smoking campaigns.
“Zimbabwe, the jewel of Africa in tobacco production, has the potential to become a global hub for cannabis and hemp production,” said Mr Nyamurundira.
Mr Nyamurundira, who is structuring an inclusive investment model incorporating A1 and A2 farmers into a private sector-led citrus venture with an initial 1 500 hectares in Chegutu, said nothing should stop such inclusive models being adopted for medicinal cannabis and hemp production if the Government wanted to grow this new industry and be among the leading global producers.
“What is important with investments is that local and foreign investors must be made to feel secure and their investment ring fenced, with direct Government support and incentives.
“Then we will see this inclusive model effectively transforming Zimbabwe’s agriculture sector with enormous capital inflows,” added Mr Nyamurundira.
Meanwhile when asked about the perception of Zimbabwe as an unsecure investment destination, the British investor smiled and said: “It took my coming to Zimbabwe in March 2020, despite the negative perceptions, to see what Zimbabweans in England were talking about, with vast economic and investment opportunities in Zimbabwe.
“I believe Zimbabwe is indeed open for business. In 2020 the law at the time required us to partner with a state institution, and retain only 49 percent stake. Now, investors can own 100 percent of their investment and undertake production on private land.”
“It is also encouraging to note that Zimbabwe is actively re-engaging the global markets, as well seeking readmission into the Commonwealth. Our investment cannot be in a better place at this moment in Zimbabwe,” further highlighted Mr Jones.
Online Reporter