Tri-Medi Canna Pledges R121 M to Build a Cannabis and Hemp Industrial Park in KZN
Business Day reports that KwaZulu-Natal start-up Tri-Medi Canna will inject R121m to build a cannabis and hemp industrial park, which is expected to be finalised in the next 12 to 18 months.
21 April 2023 at 14:00:00
Tri-Medi Canna (TMC) is the first cannabis company to participate in South African president Cyril Ramaphosa’s annual investment conference and it has signalled its intentions of investing heavily in the local cannabis industry with the R121 million pledged to build a cannabis industrial park in KwaZulu Natal that will create 200 jobs.
It has the backing of listed UK pharmaceutical company Apollon Formularies, which has taken a 49% stake in a joint venture with the KwaZulu-Natal cannabis start-up.
TMC CEO Bandile Mkize says the new company would cultivate, process and distribute cannabis-based medicines through a licensing agreement with Apollon, which provides primary and secondary markets for equity and debt products.
Apollan, which listed on the UK’s Aquis Stock Exchange last year, has a licence in Jamaica to cultivate, research, process and sell medical cannabis therapeutic cannabis products for various illnesses including prostate and breast cancer. Apollon will earn royalties for patent formulations and any new drug discovery will be under the joint partnership.
Thokozani Shongwe, head of corporate development at Tri-Medi Canna, said the first phase of the park would focus on the production of medical-grade cannabis; this would be followed by medical-grade extraction oils for medicinal use. The plan is to export the products to international markets.
Tri-Medi Canna’s park “is unique because we found a tool to allow our people to be part of the cannabis economy. We have come up with an innovative way [to produce products]. We are tired of our people sitting on the periphery and always looking in, so we are creating an inclusive economy to be part of the journey,” said Shongwe.
Tri-Medi Canna CEO Bandile Mkhize said the investment was expected to create up to 200 jobs. However, there would be more temporary employment during the construction phase.
TMC’s leverage point is it’s relationship with Apollan, which listed on the UK’s Aquis Stock Exchange last year. It already has a licence in Jamaica to cultivate, research, process and sell medical cannabis therapeutic cannabis products for various illnesses including prostate and breast cancer. Apollon will earn royalties for patent formulations and any new drug discovery will be under the joint partnership.
Hamas Attacked Israel's Top Cannabis Facility, Murdered an Unknown Number of InterCure's Staff and Took Two Hostage During the October 7 Terror Incursion.
Israel's biggest cannabis company, Intercure, has been hard hit by Hamas terrorist attack on 7 October 2023. Its facility at Kibbutz Nir Oz, two kilometres from the Gaza border, is now under the control of the Israeli Defence Force and the company is unable to access it.
Cannabis in South Africa: The People’s Plant
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