Another Cape Town-based business is entering the lucrative and booming medicinal cannabis industry. Neo Pharm (PTY) LTD will be building a modern cannabis facility in the heart of the Cape Winelands. The company is currently in phase one of its plan to run a state-of-the-art cultivation facility in Franschhoek – an area known for its agriculture.
The main purpose of Neo Pharm’s new facility is to produce the highest quality indoor medical-grade cannabis for the conversion into medicinal oil for international export. Neo Pharm also plans to spearhead the research and development of novel cannabinoid-based treatments for chronic pain as well as several central nervous system disorders, including, fibromyalgia and irritable bowel syndrome.
A Neo Pharm spokesperson told the press that the company is currently in the process of securing the needed approvals from the South African Health Products Regulatory Authority and the National Department of Health in order to commence production.
It’s estimated that a mega R60-million investment will come with phase 1 – the construction of the building and an additional R80-million will be invested at the beginning of phase two, which will take place in 18 months from now.
Neo Pharm is also currently the main funders of two Cape-Town based orphanages and the company also discussed its plans for social upliftment of the surrounding community by creating new job opportunities and training the youth they work with and empowering them with skills.
By the end of 2020, we would have created 80 full-time positions. Aside from this, it will allow our business to expand on the community upliftment initiatives we currently fund and support.We are the major funders of two Cape-based orphanages looking after the welfare of 110 vulnerable children and also operate a feeding scheme for displaced individuals in the city and surrounds. We have included developing a dedicated training facility for young adults which will give them the necessary certifications and skills to enter the cannabis industry.” – Neo Pharm Spokesperson
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