News Out on KBB’s African Cannabis Expansion
Kaneh Bosm hires Volare for Lesotho development support
2018-09-12 02:46 ET - News Release
Mr. Michael Martinz reports
KANEH BOSM ENGAGES LEADING LESOTHO BASED INFRASTRUCTURE AND DEVELOPMENT FIRM
Kaneh Bosm Biotechnology Inc. has engaged Volare, a leading Lesotho-based infrastructure and development consultancy firm. Volare will assist the Company with local development support, as well as the acquisition of land earmarked for Cannabis cultivation, storage and manufacturing facilities. Volare has identified a portfolio of key land parcels that are well suited for agriculture and manufacturing development. The identified parcels are equipped with the necessary onsite utility resources and are located in close proximity to transportation hubs.
Kaneh Bosm's portfolio company CanAfrica, holds licenses for medical Cannabis cultivation, manufacturing, distribution, transport, research and import/export in the Kingdom of Lesotho (see Kaneh Bosm's news release dated June 20, 2018). In 2017, Lesotho became the first African Nation to issue licenses for medical Cannabis operations. Lesotho is a favourable jurisdiction for Cannabis cultivation due to its rich soils, ideal climate, skilled agricultural workforce, low cost labour, and access to key infrastructure. Lesotho has also signed numerous international trade agreements. These trade agreements permit the unencumbered export of Lesotho's Cannabis products to various jurisdictions worldwide. It is anticipated that Lesotho will act as a staging ground for access to larger African markets that may yield greater demand potential.
Kaneh Bosm's Chief Executive Officer, Eugene Beukman, states, "Kaneh Bosm's African developments mirror industry peers such as Canopy Growth Corporation, Supreme Cannabis Company Inc. and Aphria Inc. Earlier this year Canopy acquired Daddy Cann Lesotho PTY Ltd. for $28.8 million. Daddy Cann and Kaneh Bosm's CanAfrica have been awarded identical medical cannabis licences by the Kingdom of Lesotho. In March of 2018, Supreme Cannabis invested $10 million for a 10 percent stake in Lesotho's MediGrow Holdings PTY Ltd. Kaneh Bosm would like to also mention Aphria Inc.'s recently announced Joint Venture with Lesotho based Verve Dynamics. The Company believes that it is well positioned to capitalize on its flagship African asset while maximizing shareholder value."
Kaneh Bosm also pleased to announce that Company representatives have visited the Kingdom of Lesotho to initiate development efforts and advance regional relationships. The Company continues to complement its existing African cultivation and distribution footprint. Most recently the Company acquired South African based Aricannabis BioTech Corp (see Kaneh Bosm news release dated August 26, 2018). Aricannabis works on an exclusive basis with NuCare Health to provide Cannabis products to over 2,800 independent and corporate pharmacies across South Africa. South Africa has a population of 55 million people and have announced plans through the Medicines Control Counsel for medical Cannabis distribution to South African patients.
The Company looks forward to providing additional updates on its Lesotho initiatives in the coming months.
We seek Safe Harbor.