Mayoral committee member for economic opportunities and asset management James Vos said the report approved by the city’s council to release the land was testament to its commitment to partner with the private sector to explore new opportunities to grow the economy, and to seek approval for the transfer of a portion of vacant land within the Atlantis Special Economic Zone for the establishment of the first medical cannabis plant in the metro.
“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 Vos.
According to the city, the set-up of the facility will bring with it an investment of R638million in capital expenditure during the construction of phase one, a further R1.5billion will be invested during phase two, which is expected to commence in about four years’ time, and by the end of phase two, employment opportunities for 250 individuals would have been created.
“It is personally a very exciting opportunity to be on the forefront and driving the future possibilities that this landmark decision means for the city and the region. My portfolio oversees the identification, facilitation, and promotion of economic opportunities within the city, and as such, we welcome the investment and the expansion into untapped economic sectors,” Vos said, adding that Atlantis was known for its green economic opportunities.