Stephanie Price, Cannabis Wealth
25 October 2022, 07:00:00
London-based Eden Pharma says it has 5 000 acres of licensed land in Uganda to cultivate cannabis and says its project will add percentage points onto the East African country’s GDP.
Cannabis Weath’s Stephanie Price reports that London-based Eden Pharma is investing heavily in a Ugandan cannabis project.
The Eden Uganda project is fully licensed by the Ugandan government the 5 000 acre site is expected to produce important research on cannabis and the industry, as well as large amounts of raw material CBD and cannabis for use in markets across the world.
Eden Pharma has projected that the project will increase the GDP of Uganda by 3 per cent.
A spokesperson for Eden Pharma commented: “The joint venture in Uganda has opened up Eden Pharma to significant development opportunities that will solidify the years of hard work Eden’s team has put into it.
“Eden Pharma will be an exceptional vertically integrated company delivering for its customers and stakeholders alike.”
The company has stated that the project involves building a community for the local people, creating jobs, boosting the local economy and increasing quality of life. According to Eden Pharma, the community will include infrastructure such as research labs, pharmacies and an airport.
It has also stated it intends to employ 100 per cent Ugandan people within three years following completion of the Eden Uganda project.
A documentary showcasing the land in Uganda entitled “The Garden of Africa” is currently in production.
Eden Pharma also recently announced its successful listing on the MERJ Exchange.
The company listed on 25 May 2022, with its Market Capitalisation upon listing circa £650m, and its share price closed on its first day of trading at £25.50. Change to Eden Pharma listed on the exchange with an opening price of £25.31 per share.
Trading in Eden Pharma shares has seen the share price rise by 15 per cent since listing, with the company valuation standing at over £770m.