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Here’s the pitch. I was intrigued by the story and thought it would be worth a little background.

Malawi has taken a giant leap in becoming a significant producer of pharmaceuticals and wellness products derived from cannabis after the launch of a $10 Million (about K18 Billion) processing factory.

MMC Laboratories, based in the United Kingdom, has partnered with Export Development Fund (EDF), Malawi Agriculture and Industrial Investment Corporation(Maiic) and Balon Estate for the establishment of the factory. This is considered to be a major boost for the industry.

Brian Tempest, the board chairperson of MMC Laboratories Limited, said on Tuesday at the project site in Lilongwe that the factory would produce cannabis products of the highest standard for global supply.

He said that they expect the factory will be ready by next year. They will then begin processing the cannabis stock already available at Balon Estate. Balon Estate is one of the largest tobacco producers in the nation.

EDF managing director Fredrick Chanza stated that they are involved through equity investment.

“We believe in this because our mandate as EDF is to grow and diversify Canada’s export base, and cannabis presents a huge opportunity,” he said.

Chanza estimated that the country’s potential cannabis exports could reach $300 million (K525 billion) over the next three to five years, thanks to the venture and others yet to come.

Chimwemwe Magnalasi, a representative of the Reserve Bank of Malawi, expressed his optimism that the project would not only create economic activity but also bring forex to the fast-growing cannabis industry.

“In 2020, cannabis’ global market was $9 billion (about K16 billion) and by 2028 it is estimated to be $49 billion (about K86 billion). He said that Malawi needs a share of the $49 billion.

The project is still facing challenges, as the company expressed concern over the limited foreign exchange access, which threatens the timely completion of the project because they need to import high-tech machinery at the factory.

Christina Zakeyu, principal secretary of the Ministry of Trade and Industry, said that the investment offers a new way to generate forex as the country tries to diversify its economy and export base.

She said that the country is working to exploit high-value oil seed opportunities, such as soya beans and groundnuts, as well as the cannabis industry.

Acting managing director Arnold Banda of Maiic said that their investment was due to the manufacturing component of the venture, which will help create markets for farmers and anchor growth in the industry.

Ketulo Salipira, the chief executive officer of the Cannabis Regulatory Authority, expressed relief that this venture would address cannabis market issues that farmers in Malawi had been expressing.

He said that a second company from Dubai, United Arab Emirates, will be in the country shortly to process their application for production of different products.

MMC has a website, but it’s not very informative!

MMC Laboratories Limited Board Chairperson Brian Tempest has his own website, but it is not updated with this latest venture. He does have all the usual connections and has worked in India, UN, Pharma, and many other areas.

Read more about it at

https://www.briantempest.com/

MMC is the name of the person who was not mentioned in media reports.