The billion-dollar medicinal cannabis products market is developing globally, but Southern Africa has been generally slow to capitalize on it. To close the gap, one business in Lesotho received approval to export its pharmaceutical goods to the European Union, making it the first medical cannabis business on the continent. The first companies in Africa to be granted a license to export medical cannabis to the EU is located in Lesotho.
The leading medical cannabis producers in the nation declared that they complied with the good manufacturing practice (GMP) requirements of the EU, enabling it to export cannabis flower, oil, and extracts as a medicinal active ingredient. Later this year, they will export to Germany its first batch.
To guarantee that products are secure and of consistently high quality, manufacturers and producers must adhere to the GMP rules. The licensing for the sale of food, pharmaceutical, and medical products is governed by them.
The business is hopeful that accreditation will lead to more commercial opportunities with EU nations and other foreign markets. Australia, the United Kingdom, and France have already asked questions about it.
According to a report published in August of last year, the European cannabis business will be around $37 (26) million by 2027.
The factory, which employs more than 500 people, is situated in the mountainous area nearby the city Maseru at 2,000 meters above sea level. However, it has plans to hire 3,000 more people.
Corporate social responsibility development initiatives will also gain traction and finally help the villagers’ crime and poverty levels.
We are located in a rural location with very little money. Because we also buy some goods and services from the villagers, more business for the company will also benefit the neighborhood. Others provide us with items like beans, veggies, and milk. An increase in the workforce means an increase in the villagers income, too.
In 2017, the tiny mountain kingdom became the first in Africa to legalize the cultivation of medical cannabis. Despite the fact that it is illegal to possess and use cannabis, the crop is widely grown in the nation.