Announces plans to invest in the planning and building of a medical grade cannabis cultivation center in Lesotho, South Africa – after successfully obtaining all necessary legal licenses to grow, handle, pack and export medical grade cannabis products

Securing $5.3 million , Israeli-based ASIF420 Cannabis Ventures announced today plans to enter the international cannabis market via the development of medical grade cannabis cultivation center in South Africa.

ASIF420 is one only five licensed medical operators in South Africa that is permitted to grow, process and export cannabis directly to European markets.

“This industry will create consequential economic opportunities and social change in a part of the country that remains void of legal access to cannabis today,” ASIF420 CEO Mr. Tal Arbeli said via the release. “We look forward to serving European current medical patients, and future adult-use consumers, while supporting the tremendous positive impact that the legal cannabis industry can have on local communities.”

Specific financial details were not disclosed, however the deal is expected to close in the second half of 2020.