Lesotho's cultivator and manufacturer of medical-grade cannabis extracts and products, MG Health, is tripling its output capacity after raising US$18 million (R342 million) in capital.
The funding was secured after the company began distributing into key developed markets in 2021.
MG Health will expand its portfolio of medicinal cannabis strains and formulated extracts to meet the wider demand in key export markets including Australia, Germany, Israel and Poland.
Amid a rapidly evolving global cannabis landscape, MG Health has emerged as a trailblazer, poised to propel Africa to new heights in the medical cannabis market.
The company is also making a profound impact on the local community, with the creation of nearly 300 permanent jobs and the initiation of infrastructure projects that uplift the surrounding villages.
MG Health is one of a handful companies worldwide that have been confirmed as compliant with European Union (EU) good manufacturing practice (GMP) for medical cannabis, allowing it to export its medicinal cannabis flower and extracts as an Active Pharmaceutical Ingredient (API) to pharmacies in the EU and selected markets.
“What makes our pharmaceutical grade product so unique and in demand is how pure it is,” said MG Health’s Chief Executive Officer, Andre Bothma.
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