Zimbabwe Govt Offers New Guarantees and Incentives for Cannabis Investors & Establishes Green Industry Fund

CANNANNEW REPORT

Looks like Zimbabwe’s govt are loosening the reins to try and encourage investment Cannabiz Africa reports… Zimbabwe is offering international cannabis investors the option of owning 100% of their operations and the right to choose where in the country they would like to invest.  This is a major departure from the country’s existing foreign investment regime which requires significant local shareholding in any such venture. The Harare government has also approved the establishment of the Green Industry Fund, to promote local beneficiation, skills transfer and development of the local pharmaceutical industry. 100% foreign ownership a ‘significant departure from previous policy’ The operational framework will be administered through the Zimbabwe Investment and Development Agency (ZIDA)’s One Stop Investment Services Centre (OSICS), according to a statement by ZIDA chief investment and corporate affairs officer Tinotenda Kambasha on 14 May 2021, investors can have 100 percent ownership of their investments and locate their facilities anywhere in the country without prescription. “This is a significant departure from previous policy which required investors to co-own investments in joint venture with Government or Government entities and locate their investments at state prescribed locations,” he said. “To further assure investor safety and protection, the Government has finalised and agreed a legal instrument called the Investment Stability Agreement (‘ISA’), which gives investors added security.   ZIDA’s Kambasha: Zimbabwe  very open to international cannabis investors     Cannabis investments will be protected against appropriation The ISA outlines the guarantees offered by Government for the protection of property rights, ring fencing investments against expropriation and protect investors against change in laws.  In addition, it provides a framework for monetary and fiscal incentives unique to medicinal cannabis sector.   According to ZIDA, the export retention regime is differentiated as follows:  status unprocessed (two years); semi-processed (three years), and fully processed (four years).  …

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Source : Zimbabwe Govt Offers New Guarantees and Incentives for Cannabis Investors & Establishes Green Industry Fund

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