Cannabiz Africa Logo in white - business marketplace in Africa

Zulu King hopes to raise R150 million for royal cannabis project

The Zulu King has identified 75 ha of land under his control that he wants to plant to cannabis. The traditional monarch of the Zulu nation says his Ingonyama Trust has been in touch with a Mauritian-based wellness company to go into a R150 million joint venture.

King Goodwill Zwelithini is gearing up to join South Africa’s “green revolution”, with multi-million dollar plans already to grow cannabis for medicinal purposes about 30 km north of Durban’s King Shaka International Airport. Go Life International, a listed company that manufactures health supplements, has been in talks with the Ingonyama Trust Board since last year to grow cannabis on Trust land on the KwaZulu Natal north coast.

Proposed JV with Go Life International

Go Life International Limited is registered in the Republic of Mauritius and was listed on the Stock Exchange of Mauritius on 7 July 2011. The Company successfully completed a secondary listing on the Johannesburg Stock Exchange (JSE) on 23 November 2016. Go Life, as a multi-faceted healthcare entity, offers a spectrum of healthcare solutions and has set its sights on the cannabis industry.  Founder Gerhard Naude has stepped down as the listed company’s CEO to concentrate on expansion into the cannabis industry.

Naude confirmed to the Sunday Times last year that Go Life was looking to invest R150 million in the King’s cannabis venture, but the Covid-19 pandemic has delayed the conclusion of an agreement. 

The Ingonyama Trust says it wants to train people living in the area to grow and process cannabis for the medicinal and recreational markets. Krithi Thaver, founder of Canna Culture and Holistic Releaf, South Africa’s first legal cannabis dispensary, said he had been approached by the Ingonyama Trust. “There was an initial discussion around the idea of setting up training camps for communities living on land administered by the trust in both the cultivation and processing of cannabis … we are open to any initiative which will assist in empowering ordinary people to enter the industry.”

Zulu King says bring on cannabis

Last year Zwelithini told the opening of the KwaZulu-Natal provincial legislature that the time had come for people in the province’s rural areas to start investigating growing and processing cannabis for medicinal products. He called on government and the farming community to recognise the economic potential of cannabis now that its personal use had been decriminalised, and to take a “very close look” at the industry as a means of fighting unemployment and poverty in the province.

Meanwhile, South African taxpayers will be funding the King to the tune of s longsuffering taxpayers will fund Zulu King Goodwill Zwelithini’s lifestyle to R71.3 million in the 2020/2021 financial year.  Last year, King Zwelithini received R66.7 million.

Leave a Reply

Your email address will not be published.

Table of Contents

Share:

Email
Facebook
WhatsApp
Twitter
Pinterest
LinkedIn
Telegram
Skype

Subscribe to our free newsletter!