To grow weed, have $5million- Uganda Govt tells investors

The Ugandan Government has laid guidelines for individuals and companies interested in the business of marijuana for medical purposes.

In its newly established guidelines, the East African country told investors to have a minimum capital of $5 million and a bank guarantee of $1 million.

It also advised investors to be cleared by the tax authorities, and present evidence of value addition to the cannabis industry to be given the go-ahead.

Uganda already has Narcotic Drugs and Psychotropic Substances Act, 2015, legalised cultivation, production and exportation of medical marijuana but the absence of guidelines has debarred the industry from kick-starting.

“I will be presenting paperwork on cannabis to Cabinet for them to approve guidelines and consider the growth of cannabis,’‘ the country’s health minister was quoted to by the local newspaper, Daily Monitor last week.