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SA cannabis company sells entire stock in advance as demand soars abroad

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Booming demand for medicinal cannabis from Europe to Australia has seen an SA producer sell all of its output for next year in advance.

SafriCanna signed sale deals with Germany and Australia for the bulk of the production, Bassim Haidar, CEO of its largest investor, Optasia, said in an interview.

The company started construction of its facilities in Pretoria in 2019 and shipped its first flowers in June. In the same month, it agreed with German-based DEMECAN to supply medicinal cannabis flowers. To meet rising demand, SafriCanna aims to increase production fivefold by 2024. It will spend $40m on expanding its facilities in Pretoria to produce 25,000kg of cannabis flowers a year from 5,000kg currently, Haidar said.

The legalisation of medicinal cannabis in more than 40 nations has led to an explosion in demand for a product that can be used to help treat nausea, Alzheimer’s and chronic pain.

 

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