Monday, September 25, 2023
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“HIGH ON COMPETITION:” Marijuana Draws 50 Firms In Race For Plant’s Proceeds

Cannabis appears to be the new gold as reports indicate that 50 companies are now jostling for the benefits that come with growing the plant.

According to local reports, more than 50 firms (both foreign and local), have joined the race to grow and export weed. This number has grown from 20 in April.

The reports add that the companies are already carrying out the business before government streamlines the sector with regard to the benefits of the substance once frowned upon.

Last month, Israeli Firm, Together Pharma Limited reported that it made a cannabis harvest from Uganda, despite a government announcement that the said license had been halted.  This was according to a statement released to the Tel Aviv Stock Exchange Authority Ltd. 

Together Pharma Limited produces and exports medical cannabis around the world.  

The Israeli company partners with Industrial Hemp (U) Ltd to grow the plant in Kasese district.

However, government has come under intense pressure from other players in the field about why it allegedly gave Hemp the green light to grow weed.

In April, Uganda’s Health Minister, Jane Aceng revealed that cabinet wants assurances from the company that growing medical marijuana wouldn’t have a negative impact on the economy. The government said it had put a committee to look into the issue and report part back to the cabinet. That they would base on that report on whether to award licenses or not. This has not happened.    

On its website, Industrial Hemp Uganda Limited shows that it is already growing medical cannabis in the country. It states: “The Company is primarily engaged in the growing and development of medical cannabis (Medical Marijuana) and cannabis products for industrial purposes in Uganda.”  

However, the Narcotic Drugs and Psychotropic Substances Act 2015, specifies that persons involved in the manufacture, production, sale, or distribution of narcotic drugs or psychotropic substances commit an offence and are liable, on conviction, to a fine or imprisonment of as much as five years or both. 

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