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JOHANNESBURG –
CanbiGold, a Cape Town based company, has negotiated a direct foreign investment deal with an American Investment company for R1 billion over five years as it unlocks the investment prospects that the medicinal cannabis industry has to offer.
CanbiGold, a Cape Town based company, has negotiated a direct foreign investment deal with an American Investment company for R1 billion over five years as it unlocks the investment prospects that the medicinal cannabis industry has to offer.
Their investment will pay for 100 modular fortresses to be built and operated at CanbiGold’s Lesotho site near Maseru which is a R600 million investment, as was reported in the media, subsequently CanbiGold has been informed that these fortresses need to be upgraded to super fortresses which now takes this investment past the R1 billion mark.
The deal was negotiated at the cannabis expo at Sandton in November between Koomo Capital and Canngea, an Australian company that has entered into an off-take agreement of the dried flower produced in the modular units which will be built and operated for Koomo Capital by CanbiGold.
Source: iol.co.za