LGC Capital (TSXV:QBA) entered into a strategic alliance with AfriAg (Pty) Ltd to create a new joint venture to grow and distribute medical and recreational cannabis products in the southern African region.
As quoted in the press release:
AfriAg has extensive experience with managing agriculture operations including greenhouse cultivation. It also owns and manages certified facilities and is one of the largest distributers of perishable food products by airfreight to the world from the southern African region.
The new Joint Venture will aim to develop a fully-regulated cannabis growing and processing industry in the southern African region for export to certified end users world-wide. AfriAg will assist LGC with securing significant agricultural land packages and processing facilities in the region to grow cannabis crops and produce, including seeds, cannabis extracted oils, dried marijuana leafs, cigarettes and vapours.
“LGC, in conjunction with AfriAg, will now be actively pursuing this first of its kind opportunity in the southern African region, which expands LGC’s focus into a truly international investment company,” said John McMullen, CEO of LGC. “AfriAg is a great development partner for a venture such as this and this opportunity is unique. If successful, we will make LGC the first and only Canadian publicly-traded company to be licenced to grow and export recreational and medical cannabis on a global basis.”