A marijuana producing company in Uganda has finalized deals to export medicinal cannabis to Pharmaceutical users in Germany and Canada.
Reports say the deal is worth $160 million and is being spearheaded by an Israeli firm by name (TASE: TDDR) and Benjamin Cadet a former legislator for the Bunyaruguru County.
According to reports, the former legislator has confirmed the Indian hemp has received close to about 20,00 orders from pharmaceutical companies from several countries mainly Germany and Canada.
He explained that the company which is based in Uganda signed annual contracts with Pharmacies in Canada which sums up to the tune of $100million and $58million to pharmacies in Germany.
Cannabis though is been seen as an illegal drug in several African countries is being taken advantage of by those who are seeing the medicinal and market value of it.
Earlier it was reported that that the Ugandan police and regulatory authorities argue that the operations of the company were unknown to them and resisted its operations however, after further dialogues, regulatory bodies agreed to assist the company in operating an export-oriented business.
Some sources say that the Ugandan Minister of health has sent papers to parliament informing the legislative house about the request being made by some 14 companies to establish cannabis business in Uganda.
Several individuals in African countries including Ghana have been requesting from their governments to legalize the medicinal and recreative use of the drug ‘Marijuana’ which is popularly known in Ghana as ‘Weed’.