Although the government has not yet approved many companies to grow and export Marijuana or Cannabis medical products, the so-far approved company has vowed to make Uganda the world’s largest producer of marijuana and Cannabis.
Last week Uganda exported 4000kg of medical Marijuana to Germany and according to one of the local newspapers New Vision, this was the fourth foreign delivery since the government approved some foreign companies for the business.
According Benjamin Cadet, one of the directors at Industrial Hemp Uganda limited, the company that was given license to grow and process Medical Cannabis, Uganda has a capacity of producing over 30tonnes of Medical Marijuana annually if it was not the outbreak of Covid-19.
Medical Marijuana or Cannabis is on the high market since it’s claimed to be effective in treating a wide range of diseases including Cancer.
A kilogramme costs over Shs18million.
Cadet says that since the products are in high demand on both local and foreign markets they are in process to selling them here in Uganda to make Uganda a global tourism hub for Medical Cannabis.
Currently, the company has so far come up with over 10 products of Medical Cannabis that have been submitted to the Uganda National Drug Authority for approval.
“We want to treat Ugandan patients first before exporting to the foreign countries however, we have not yet received any response from the National Drug Authority. We thank President for supporting and providing a favourable environment that enables innovations in Medical Cannabis. Because this industry is good for the country’s economy and it will make Uganda one of the best Cannabis product producers in the world.”
In March last year the company exported 600kg of Medical Marijuana and in January 2021 it exported 1.7tonnes all to Israel.
Although the Narcotics and Psychotropic substances 2015 Act allows cultivation, production and exportation of medical marijuana and it also gives the Minister of Health powers to consent any company to start such production, there is only one company that has been awarded consent.
This is because government has set up tough conditions for any individuals and companies seeking to grow or export medical marijuana.
One of the tough requirements set is that any individual or company to start such a business must have over a minimum capital of Shs18.3bn and a bank guarantee of Shs4bn.
On the case of investors, they must present tax clearance, lists of employees and their job descriptions.
Due to such tough requirements, the government has approved so far one company to do Medical Marijuana production although over 20 companies did submit in their requests in this promising business.
The approved company (Industrial Hemp Uganda Limited) is working together with one is the biggest Israel Cannabis firm on Tele vivi exchange stock market (Pharma Limited).
Although the consented company has so far made four deals with foreign countries which have propelled in millions of dollars, the public still needs a certificate of approval for the Medical Cannabis from the National Drug Authority if it’s to serve the local market as well.
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