The lawmaker representing Imo North in the National Assembly, Senator Ben Uwajumogu has formed a consortium that is making a multi billion naira investment to Okigwe zone in the cultivation and production of medical cannabis oil and powder.
Already a Canadian-American consortium of investors, Access Cannabis Canada Inc are in deep negotiations with their Nigerian counterparts on the nitty gritty of the proposed business deal.
In his remarks at a business round-table held at the prestigious TransCorp Hilton Hotel, a member of the Canada/US delegation, Mr Phillipe Cozano thanked Sen Uwajumogu for his efforts towards the realization of the business cooperation as well as approvals from the various Regulatory agencies in the country.
He pointed out that investments in medical cannabis oil is growing worldwide at more than 47% with high return on investment. He noted that the medicinal value of cannabis oil was enormous. Mr Cozano further pointed out that the consortium will conduct further research on development of drugs using medical cannabis with the issuance of licence by the NDLEA to run a pilot programme.
In his welcome speech at the occasion, Sen Ben Uwajumogu stated that the investment in medical cannabis oil will improve the economic potentials of Okigwe zone as well as create substantial employment opportunities for youths in the zone. He added that hundreds of hectares of land has been acquired for cultivation and construction of a Processing Plant and Laboratory for the production of medical cannabis oil in Umulolo, Okigwe LGA and Nzerem Ikpem, Ehime Mbano LGA respectively. He promised to ensure the success of the business venture.
Sen Ben Uwajumogu also known as Senator Projects thanked President Buhari for improving the ease of doing business which greatly facilitated the business venture.
He highlighted the economic and health potentials of medical cannabis. He promised to ensure the completion of the production plant in good time.
Speaking to journalists after the breakfast meeting, the Chief Operating Officer (COO), of the Nigerian company, (MedisOil Nig Ltd) Mr Sunny Osu commended the vision of Sen Ben Uwajumogu in attracting the project. He added that the project, when completed will increase economic activities in Okigwe zone.
Mr Osu informed that the laboratory equipment for the project have arrived the country. He also added that on completion, the business will generate about $11m in the first year and *$50m in subsequent years as well as employ more than 600 persons.
He noted that Coca Cola company had announced the use of CBD powder as an important ingredient in the production of their soft drinks. This announcement by Coca Cola has significantly improved the value of medical cannabis oil.
The delegation signed anot MOU before departing Nigeria.
