The City of Cape Town has approved the release of vacant land in Atlantis for the production of medical cannabis.
CoCT said the council’s decision is testament of the city’s commitment to partner with the private sector to explore new opportunities to grow the economy.
“This positive move by the city gives us the opportunity to unlock the economic benefits with the resultant job creation opportunities that this emerging industry will present,” said Mayco Member for Economic Opportunities and Asset Management James Vos.
The set-up of the facility will bring with it an investment of R638 million in capital expenditure during the construction of phase one. Additionally, a further R1,5 billion will be invested during phase two which is expected to commence in about four year’s time.
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Atlantis is known for its ‘green’ economic opportunities, and this new industry can potentially bring significant income, jobs and skills development especially to this area.
The city said that this is yet another area of untapped economic potential that the team in the city’s Enterprise and Investment Department along with Wesgro, have been pursuing and working with potential investors in this space to see how we can land their investment in Cape Town.
Wesgro led the engagement sessions between the stakeholders (government and the private sector) to pave the way for this investment.