Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced this morning that the company has entered the African cannabis markets with a $29M acquisition of Daddy Cann Lesotho PTY Ltd., better know as Highlands. This marks the 5th continent that Canopy Growth Corporation has developed operations on.
Highlands is based in the Kingdom of Lesotho, in South Africa, and currently holds a license that allows the company to cultivate, manufacture, import, export, and transport cannabis and cannabis resin. The Kingdom of Lesotho was the first African nation to legalize the medicinal use of cannabis in 2017. Lesotho is located at a very high altitude which provides it with over 300 days of daylight a year and ideal growing
conditions for greenhouse production of cannabis flower.
Canopy Growth Corporation hopes to position Highland as a hotspot in South Africa for cannabis and the company’s geographic location gives the company the opportunity to capitalize in Lesotho. Canopy Growth Corp. has now established itself in North America, South America, Africa, Europe, and Australia which bring the company’s operations to a global network.
Jody Aufrichtig, Founder of Highlands, gave this statement in the press release:
“We’re excited to join the Canopy Growth family and bring together our strong entrepreneurial experience and local knowledge in the region with Canopy Growth’s track record and quality standards in the global medical cannabis industry. Lesotho and Southern Africa have enormous potential and we look forward to building a responsible medical cannabis business across the region.”