SA awards its 1st Cannabis Cultivation Licence to Cape-based company
- South Africa’s decision to legalise cannabis made news headlines a few months ago
- Now, the South African Health Products Regulatory Authority (SAHPRA) has awarded the 1st ever Cannabis Cultivation License in the country
- Strategic partners, Afriplex and House of Hemp, have received the approval and will now be able to tap into the global medicinal cannabis market, estimated at $8.28 billion
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South Africa made history a few months ago after the decision to legalise cannabis in the country.
Another landmark has now been confirmed as the South African Health Products Regulatory Authority (SAHPRA) has now awarded the first ever Cannabis Cultivation License in the country.
Strategic partners, Afriplex and House of Hemp, hold the honour of being the first to enter into market.
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The move serves as an indication that the SAHPRA is promoting growth within the medical cannabis and cannabidiol (CBD) sector.
Based on medical research, the medicinal uses of cannabis is ever expanding.
The herb is currently being used in other countries to manage conditions such as cancer, dementia and Alzheimer ’s disease, amongst others.
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The decision will allow Afriplex and House of Hemp to tap into the global market, which is currently estimated to be worth $8.28 billion.
Good Things Guy reported that by 2024, that figure could rise to approximately $27 billion.
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Briefly.co.za understands that this could be highly beneficial to the economy in the long run as South African companies will be able to export products to countries with high demand, such as USA, Canada and the European Union.
Based in the Western Cape, Afriplex revealed that the licence has been the result of 7 years of preparation and research from their side.
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Source: Briefly News
