Thabane to launch hemp project

Thabane to launch hemp project

MASERU – PRIME Minister Thomas Thabane is today expected to launch the Industrial Production and Processing of Hemp and Super-Foods project.
This follows the signing off of the project by the Lesotho National Development Corporation (LNDC) and the Israel-based Monitin Chevra Le’kidum Ha’taasia Be’israel yesterday.
The signing took place at the Mpilo Boutique Hotel in Maseru.

Both the LNDC and Monitin acquired over 82 percent control of a locally registered company for development of a vertically integrated industrial production and processing of hemp.
In a press release issued last night, the LNDC said it shall continue to provide investment facilitation services and shall lease out a 10 000 sqm factory shells to the operating company, while Monitin shall assume its management control.

“The signing precedes the rollout of a portfolio of several high impact agricultural projects in the LNDC pipeline as dictated by the current five-year strategic plan,” the press release reads.
The project involves industrial scale cultivation and processing of agro-medicinal products, super-foods, pharmaceutical products and CBD oil isolate and crude oil.

The project investment is to the tune of M405 million and it is expected to cover a cultivation area of 1 500 hectares under contract farming by local farmers over 3.5 years roll out.
“This project business model is based on creating value along the rest of the cannabis and horticultural value chain and has a strong community beneficiation component,” the LNDC said.

“It is projected to create thousands of jobs in the project areas in peri-urban and rural Lesotho, starting at Qeme and Matsieng.” The LNDC is mandated through an Act of Parliament to “initiate, promote and facilitate the development of manufacturing and processing industries, mining and commerce in a manner calculated to raise the level of income and employment in Lesotho.”

Staff Reporter

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