A man prepares a cigarette mixed with marijuana during Cannatech 2017, an annual global cannabis industry event, in Tel Aviv, Israel

JOHANNESBURG  - The renowned CannaTech Summit will take place in the first time on the African continent, in South Africa from 24-26 November, organisers have announced.

The announcement of the summit, to be held at the Lookout at the V&A Waterfront in Cape Town, comes as the global medical cannabis market continues to expand and increasing numbers of countries around the globe legalise its use.

With estimates that the cannabis and associated products market could be worth R27 billion by 2023, this potential has led to a boom in regional cannabis interest and investment.

"The global interest in Africa’s cannabis market and South Africa’s recent legislative acceptance of cannabis makes Cape Town the perfect destination for CannaTech," said Saul Kaye, founder and CEO of iCAN:Israel-Cannabis.

CannaTech Cape Town will bring together industry leaders from across the African continent and the world, many known for their significant and ground-breaking contributions.

These contributions were to the global medical and recreational cannabis market in all fields, including Agricultural Tech and Innovation, Business and Finance, Policy and Regulation, Science and Medicine.  

"Following South Africa, several African countries, including Swaziland, Malawi, and Zimbabwe, are examining legalising cannabis cultivation for medical or industrial applications," Kaye said.

"We are thrilled to bring some of the world’s leading companies and investors to Cape Town to meet with their counterparts to discuss a range of business and technological issues and work with like minded professionals who understand the immense global health and business potential of medical and recreational cannabis moving forward."

"As someone born in South Africa, I am especially looking forward to establishing ties throughout the entire continental cannabis eco-system," said Kaye.

- African News Agency (ANA)