The City of Cape Town plans to tap into the current buzz around the legalization of medical marijuana. The City recently approved the use of vacant land for the cultivation of medical cannabis.
The land released by the City is based in the Atlantis Special Economic Zone and is a major step towards a mutually prosperous partnership between the government and private sectors in the rapidly growing industry of Cannabis.
The council plans to establish the first medical cannabis plantation in the metro and the Western Cape in hopes of “exploring new opportunities to grow the economy.” The initial set-up or “phase one” of the facility will yield an investment of R638 million and an additional R1,5 billion will reportedly be invested during “phase two” which is expected to start only four years from now.
This positive move by the city gives us the opportunity to unlock the economic benefits with the resultant job creation opportunities that this emerging industry will present.” – James Vos, Mayco Member for Economic Opportunities and Asset Management