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LGC Capital shares skyrocket on Southern African cannabis venture

LGC announced a strategic alliance with AfriAg for a new 50:50 joint venture

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If successful, it will make LGC the first Canadian publicly-traded company to be licenced to grow and export recreational and medical cannabis globally

Shares in LGC Capital Ltd (CVE:QBA) shares skyrocketed on Monday after it moved into the Southern African agriculture space - with a new deal, which will see it sell pot.

The Canada-listed group has entered a strategic alliance with AfriAg for a new 50:50 joint venture to grow and distribute medical and recreational cannabis products.

The weed product will then be exported to regulated and certified end-users around the world.

"LGC, in conjunction with AfriAg, will now be actively pursuing this first of its kind opportunity in the southern African region, which expands LGC's focus into a truly international investment company,"John McMullen, chief executive of LGC told investors.

"AfriAg is a great development partner for a venture such as this and this opportunity is unique.

"If successful, we will make LGC the first and only Canadian publicly-traded company to be licenced to grow and export recreational and medical cannabis on a global basis. "

AfriAg  is an experienced manager of agriculture operations including greenhouse cultivation.

It also owns and manages certified facilities and is one of the largest distributers of perishable food products by airfreight to the world from the southern African region.

The new venture will aim to develop a fully-regulated cannabis growing and processing industry in the southern African region

AfriAg will assist LGC with securing significant agricultural land packages and processing facilities in the region to grow cannabis and produce, including seeds, cannabis extracted oils, dried marijuana leafs, cigarettes and vapours.

Shares in LGC Capital in Toronto are up over 71% to $0.06 each.

Quick facts: LGC Capital Ltd

Price: - CAD

TSX-V:LG
Market: TSX-V
Market Cap: -
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