We are pleased to announce that InteGrow Capital Group (ICG) and Airport Development Limited (ADL) have signed a lease agreement for 50 acres of prime land situated next to Kamuzu International Airport in Lumbadzi, Malawi. The lease agreement is for 30 years abd comes with a call option to increase to 100 Acres. The two parties signed this agreement on November 5th, 2021 at Umodzi Park in Lilongwe. ICG is the promoter of the MalawiGold Project and they are one of the first few companies that have been granted licenses by the CRA for cultivation, processing and selling of medicinal hemp and industrial cannabis in Malawi.
The land at Lumbadzi has been dedicated as the center of excellence for medicinal cannabis cultivation and processing. The company’s CEO, Mr. Robert Wirima said that the company is excited about the strategic agreement signed with ADL because of the intrinsic value that the agreement brings to the shareholders of Malawigold project and also ADL as a company. InteGrow Capital Group initiative created The MalawiGold Project as an investment vehicle where Malawians and other like-minded investors can take up equity in the Project. Formation of an SPV called Malawi Gold Limited is underway where all partners including InteGrow Capital Group will take up shares in the company. All investments will be channeled through this new company. Activities on the land at KIA are expected to commence within the month and the company has plans to:
(a) Build one regular greenhouse and three Smart GreenHouses
(b) Build a processing Center
(c) Build a lab for testing products before shipping out
(d) Build storage facilities
(e) Build offices for staff
Apart from the Kanengo location, the company has 150 Acres in Kasungu and another 100 Acres in Mchinji which will be dedicated for outdoor industrial hemp cultivation. Once settled, the company plan to work with local farmers through cooperatives to reinforce an inclusive approach that the company wants to take.
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