CAPE TOWN – The City of Cape Town has released vacant land for the production of medical cannabis.
Council on Thursday approved the transfer of a portion of vacant land situated within the Atlantis Special Economic Zone for the plant to be established.
City officials said the facility would usher in investments of around R638 million during its first phase of construction.
An additional R1.5 billion would be invested during the second phase, expected to commence in about four years from now.
Mayco member for Economic Opportunities and Asset Management James Vos said there were many economic benefits.
“Cape Town is known for healthcare excellence. The introduction of the national licensing framework for medicinal cannabis cultivation in South Africa has resulted in large-scale investment interest both locally and from foreign investors.”
Vos said the venture would create jobs for around 250 people.
“Council’s approval will help us to deliver on our commitment to facilitating investment and job creation in the Atlantis Special Economic Zone.”