Zida is an investment agency responsible for promoting and
facilitation of both local and foreign investment in the country.
It came up as an integration of three investment
authorities, which were previously housed in different Government Ministries
and Departments.
According to the organisation’s latest and first edition
newsletter, Zida said they were developing a medicinal cannabis sector-based
strategy and to date 55 have been licensed.
“Zida is developing a medicinal cannabis sector-based
strategy to promote investments into the country. To date, 55 local and foreign
investors have been licensed.
The Ministry of Agriculture, Lands, Fisheries and Rural
Resettlement is working closely with Zida and Medicines Control Authority of
Zimbabwe (MCAZ) in ensuring that the quality of seeds imported meet the
regulatory requirements while the Tobacco Research Board (TRB) is currently
testing and propagating 15 varieties of cannabis to monitor their suitability
and potency,” read part of the newsletter.
Zida said through their One Stop Investment Services Centre
(OSISC), they were accepting applications into this sector where investors are
allowed to own 100 percent of their investments. The investment agency said the
legislation allows for cultivation in greenhouses only and farming could be
done on private land with an ideal security system including real time smart
technology.
“The security services are key in enforcement of monitoring
and evaluation and investors are allowed to use private security and should
meet outlined minimal standards of security. Other countries that are offering
the same licence include Zambia, Rwanda, Malawi, Rwanda and Zimbabwe is
offering the cheapest that is valid for five years,” said Zida.
Medicinal Cannabis sector is projected to grow to $68
billion by 2027, and Zimbabwe is pressing to get a share of this market. The
big players in this space include: Canopy Growth Corporation, GW
Pharmaceuticals plc, Aurora Cannabis, Inc Aphria Inc, MedReleaf Corporation,
Insys Therapeutics Inc, CanniMed Therapeutics, Inc., Cara
Therapeutics Inc and United Cannabis Corporation.
Zida said they were handling investments in all sectors
including medicinal cannabis and the regulation of the sector was being carried
out by the MCAZ under the Ministry of Health and Child Care.
Part of the newsletter read: “The Minister of Health and
Child Care is responsible for the administration of the Statutory Instrument 62
of 2018, which governs the sector. The Government of Zimbabwe joined the
jamboree by crafting into law, the SI 62 of 2018 (Dangerous Drugs Act), which
legalises cultivation and processing of cannabis for medicinal and scientific
research.”
Meanwhile, cannabinoids are chemicals found in cannabis.
Cannabinoids are naturally occurring, biologically active chemical constituents
of hemp and cannabis such as cannabidiol (CBD) and Delta 9-Tetra Hydro
Cannabinol (THC).
Over the years, many people have consumed cannabis
(marijuana) illegally all over the world. It was used medicinally in ancient
Indian, Chinese, Egyptian and Islamic cultures. Developments in medical
advancements have seen increased use of legal use of medicinal purposes. Owing
to its therapeutic benefits, cannabis has been approved for medical use in
numerous countries, with varying degrees of legal restrictions.
However, countries around the world are amending their
regulations around cannabis, moving from prohibiting to controlling and taxing
these products. Herald
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