- Incubation plans for emerging farmers and new entrants as key parts of the hemp and CBD value chain
- Aims to become the first vertically integrated cannabis company in Africa
HempVest Africa is one of the first South African companies to receive an official commercial hemp license from the Department of Agriculture and Rural Development, giving a boost to its ambitions to produce a dynamic range of hemp-based products. hemp for the local and international market. As SA has traditionally imported these goods, President Cyril Ramaphosa, during his 2022 State of the Nation address, acknowledged that the cannabis and hemp sector (valued at around R28 billion) has the potential to create at least 130,000 new jobs, helping to drive continued GDP growth and poverty reduction in the country.
Hemp Vest Africa was licensed in 2019, the same year it was established, by the South African Health Products Regulatory Authority (SAHPRA) to conduct various research projects across the cannabis value chain, from culture to extraction. The company, under its alkmi brand, went on to develop a market-leading range of locally produced CBD offerings, including CBD oil for pets, cosmetics and edibles.
“We look forward to fully realizing the future goals of the industry, as set out in the National Cannabis Master Plan (NCMP), including the establishment of local seed banks, the development of innovative products, and the empowerment and training of emerging farmers and suppliers,” says Zaid Mohidin, Founder and CEO of HempVest Africa. “We believe that for the ‘green rush’ (the current widespread optimism within the cannabis industry) to continue and succeed, inclusive participation must be a priority to ensure that everyone can reap the benefits. licensing is the easy part – focusing on producing a world-class product, at the lowest possible price, that will allow us to compete globally and take advantage of downstream opportunities, that’s what it’s all about.
With the 2022 South Africa Cannabis/CBD Industry Landscape Report estimating that the market will grow at a compound annual growth rate (CAGR) of approximately 28.4% between 2022 and 2026, HempVest Africa expects to use its 21 hectares at the cutting edge of technology. facility to incubate new entrants through its outside grower program, to further develop the sector over the next 12 to 18 months.
According to Mohidin, the company seeks to forge partnerships that help identify and implement viable business solutions that contribute to inclusive economic growth, job creation and community capacity building, “The next strategic phase for The business is to acquire a SAHPRA Section 22C license, enabling us to capitalize on key opportunities in the medicinal hemp and marijuana markets.
Hemp, characterized as a cannabis plant that contains 0.2% or less of THC (the active ingredient that causes intoxication), currently has 55,000 end products listed, including livestock feed, complementary drugs, ropes, building materials, biofuels, textiles, consumer goods and beauty products.
About HempVest Africa
HempVest Africa is a 100% black-owned South African company, established in 2019, specializing in the production of premium cannabis plants and products. The company was the first to produce high quality CBD flowers, extracts and related products in South Africa and aims to be the first vertically integrated cannabis company in Africa; to provide the best services and turnkey solutions to all clients, investors and companies looking to conquer the world of cannabis.
For more information visit: https://hempvest.africa/