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Source: Engineering News

Labat Africa reports investor interest as South Africa publishes medical cannabis notice

29 June 2020 – Schalk Burger

JSE-listed medical cannabis investment holding company Labat Africa on June 29 said South Africa’s changing cannabis regulation was helping it to attract investor interest.

“In another clear indication that the South African government views the emerging cannabis sector as a priority, Notice R586 was recently published in the Government Gazette. R586 means that cannabis has now been given Schedule 6 status and, effectively, that medicinal cannabis is safe to use.”

It also cements the Schedule 4 status of cannabidoil (CBD) and de-schedules CBD products. This is another indication of government’s intention to liberate the country’s hemp industry, states Labat. It adds that it is expected that Parliament will soon consider removing cannabis from the Drugs Act, and, therefore, as an illicit substance.
“These important legislative changes for this new industry in South Africa all point to government’s understanding and acknowledgement that the cannabis sector can become an important future contributor to the fiscus, and a job creator, as well as attracting foreign direct investment.”