Investment of €5 million in cannabis oil operation

By TPN/Lusa, in Business · 30-08-2018 10:21:00 · 0 Comments

The municipality of Nelas, some 280km north of Portuguese capital Lisbon, has leased a plot of land to a company planning to invest €5 million in creating a “sophisticated industrial unit” to produce medicinal cannabis oil, the local mayor said on Tuesday.

“We are talking about a capital intensive investment, which is highly beneficial for our region, particularly for the municipality of Nelas,” José Borges da Silva said. “We already have many technology companies but also labour-intensive companies setting up here, which is excellent.”
Borges da Silva told Lusa News Agency that the company was formed to run for a programme called ‘Compete’, aimed at territories affected by wildfires. He also said the promoters of the company had links to the pharmaceutical industry in the United States and Canada among other countries.
The investor will be dedicated to commercia-lising cannabidiol, one of the major ingredients of the cannabis plant, and plans to export it to countries like the United States, Brazil, Mexico, the United Kingdom and France, he said.
The company will start operating in the space of a year, he added, and over two dozen qualified jobs will be created.


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