Cannabis legalization has been present in the U.S. and abroad for some time now, but lawmakers and companies are working to see how the market in North America could potentially work with the international industry of cannabis. One of the biggest pieces of news to influence this has been Canada’s decision to legalize recreational and medicinal cannabis on a nationwide level. The country has been one of the main contributors to the idea of taking the market to the International level, but there are still some things that need to happen prior to that. Many companies within Canada, however, have already started to create these ties abroad, and here are just a few.
One of the most promising parts of the global cannabis industry has been the advent of the possibility that Africa could begin exporting cannabis across the continent. Africa as a whole has already stated that they grow somewhere around nine million kg of weed per year, but this growth has largely been not accounted for nor taken advantage of. Some nations such as Ghana, allow the use of cannabis on a non-legal level, but the possession of the plant is still illegal. Only two African nations allow the use of cannabis legally and those are Zimbabwe and Lesotho.
Lesotho has been on the radar of the market for some time now, as the conditions in the nation are quite well suited to grow cannabis. The country receives sunshine for around three hundred days out of the year which coupled with a high amount of humidity and warmth, makes it the perfect place to grow cannabis.
Aphria (TSX: APH) has been working to cement ties with Africa since a few months back when they began reaching out to the legal market in Lesotho. The company entered a joint venture with the company Verve Dynamics, with cost around $3 million to do. The two companies will help to bring the high-grade, low-cost cannabis from Verve Dynamics that is grown in Africa, to various markets around Europe and North America. The joint venture will effectively be known as CannInvest Africa and is poised to create a large amount of interest throughout the whole of the market.
Another company that has been interested in growth in Africa has been the large Canadian marijuana grower Canopy Growth Corporation (TSX:WEED), (NYSE:CGC). The company recently acquired the African company Daddy Cann Lesotho, which currently is trading under the name “Highlands”. The acquisition results in Canopy issuing around $30 million in shares, but this deal could help to give Canopy access to a population of over 55 million people, which could make it quite worth it in the future.
Also of interest, many have turned their eyes toward the longstanding cannabis market in Jamaica. The company Green Organic Dutchman (TSX:TGOD) has announced a new partnership as of recent with the Jamaican company Epican Medicinals. This is the first time that the company has made the venture into the international market. Epican Medicinals was one of the first companies to receive a license to grow and sell cannabis in Jamaica and has already shown their potential in growing high-quality cannabis for some time now.
The marijuana market has been globalizing for some time now, but else companies are making it well known that there is a large amount of potential to work overseas. The hopes are high that the next few years will continue to be instrumental in the growth of the market as a whole as more and more nations begin to legalize the substance.
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