The president of Zimbabwe on Wednesday reportedly commissioned a farm and processing plant for medical cannabis cultivation worth $27 million.
Business Insider reports that President Emmerson Mnangagwa “commissioned the medical cannabis farm, and processing plant at Mount Hampden set up by Swiss Bioceuticals Limited in West Province, Zimbabwe…to produce cannabis (mbanje or dagga) for medical and scientific purposes,” saying in a speech that “the rapid development of the processing plant, which adds significant value to the crop, was a testimony of the success of the Government’s engagement policy and the confidence Swiss companies and investors had in Zimbabwe and its economy.”
“This milestone is a testimony of the successes of my Government’s Engagement and Re-engagement Policy. It further demonstrates the confidence that Swiss companies have in our economy through their continued investment in Zimbabwe. I extend my profound congratulations to the Swiss Bioceuticals Limited for this timely investment in the medicinal cannabis farm, processing plant and value chain, worth US$27 million,” Mnangagwa said in a speech on Wednesday, as quoted by Business Insider.
Business Insider reported that the president “added that the investors should follow the company’s lead and open their business to support the mantra that ‘Zimbabwe is Open for Business and be ready to generate foreign currency generation for the country.”
The announcement of the farm comes nearly three years after the country did away with its laws banning the cultivation of cannabis as it looked to produce a new crop to export. A year before that, in 2018, the country legalized medical cannabis.
The repeal of the ban is part of a concerted effort by Zimbabwe to pivot from its longtime major exporter, tobacco, of