Ivory Medical - Investment Memorandum

Company Highlights

Industry: Medical Cannabis
Founded in: 2017
Operating Markets: EU, Australia and Africa


Funding round: Seed Extension
Ask: $3m

Pitch Deck

Detailed Memorandum

Executive Summary

Ivory Medical Agricultural Holdings (IMAH) is an Australian-based agribusiness holding company with a strategic focus on the development of a substantial medical cannabis cultivation and processing venture located in Zimbabwe. Through its subsidiary, Ivory Medical (Private) Limited, IMAH has successfully obtained licenses and certifications from key regulatory bodies in Zimbabwe. These include approvals from the Zimbabwe Investment Development Agency (ZIDA), the Agricultural Marketing Authority (AMA), and the necessary licenses for cannabis cultivation, processing, and adherence to Good Manufacturing Practices (GMP) standards. These certifications empower Ivory Medical to cultivate, process, and export high-quality medical cannabis oils and derivatives, marking a significant milestone in our operations.
Key highlights:
There is tremendous global demand for medical-grade cannabis products that far exceeds supply currently. Ivory Medical is positioned to capitalize on this supply-demand imbalance.
Ivory Medical is constructing a 5,272 m2 indoor vertical cultivation facility to produce 150 tons of dry cannabis flower per year. At full capacity, Ivory Medical will employ close to 70 staff members and contribute over US$20M annually in taxes.
External Processing facility which is now currently operating and GMP certified.
The Ivory Medical facility will produce GMP grade wholesale medical cannabis products which include crude, winterised and distillate oils, isolates and terpenes; and white label and private label formulations to supply pharmaceutical clients primarily in Europe, Australia and Africa. There is now a sizable long-term opportunity in the African market as more countries legalize medical cannabis.
The Company is led by experienced FMCG executives and has partnered with an established Technical Partner in cannabis cultivation solutions to design, build, and operate the facility. This de-risks execution.
Ivory Medical has already invested US$8M to get within months of production. The Company also managed to secure a US$2M loan through a local bank in Zimbabwe.
Base case projections show an IRR of over 50% and MOIC of 5x over 5 years. Debt investors can expect a 14% coupon rate and equity conversion at 20% discount.
This 5,272 m2 operation will produce 150 tons of medical cannabis flower annually to help close the 2025 forecasted US$49B global supply gap and serve growing demand from Europe, Australia and Africa.

Company Overview

Ivory Medical brings together the pedigree of seasoned FMCG executives with the bold vision of entrepreneurs seeking to transform the medical cannabis industry.
Chief Executives Nathan Kalumbu, William Egbe, and Alex Cummings lend over 75 years of combined leadership experience across four continents. Their partnership with Dr. Gilbert Chahwanda, a distinguished traditional medicine practitioner in Zimbabwe, provides localized expertise. Supported by a technical partner, Ivory Medical has made rapid progress constructing a state-of-the-art indoor cannabis cultivation and extraction facility. Adopting advanced hydroponics, this 5,700 m2 operation nears 85% completion.
The company has strategically established a separate facility to process third-party biomass, generating revenue as in-house cultivation ramps up. Over $6 million has been deployed by the founders and early investors thus far, providing the launch funding to propel Ivory Medical towards its bold vision.

Market Opportunity

Market trends
The global medical cannabis market is on a trajectory of significant growth, with projections indicating a value of US$ 65.6B by 2030, growing at a CAGR of 21.80% from 2023 to 2030. This expansion is driven by several pivotal trends and developments.
Legal reforms and favourable regulatory shifts are paving the way for new markets in numerous countries. To date, over 50 nations have legalized medical cannabis in some capacity, and this number is anticipated to rise. Europe is emerging as a lucrative market, with projections suggesting a value of US$6.4B by 2028. North America continues to be a powerhouse in the sector, with expectations pointing to a total addressable market of US$13B by 2025.
Innovation in product development is also propelling the market forward. The introduction of cannabis oils, gel capsules, edibles, topicals, and other novel formats is enhancing adoption rates. These products offer more accurate and consistent dosing, and they provide a more discreet alternative to traditional smoking methods. Such advancements are making the therapeutic use of cannabis increasingly feasible.
Moreover, the medical community's growing acceptance of cannabis, backed by robust clinical research, is helping to dispel long-standing stigmas. This shift is leading to broader insurance coverage for cannabis-based treatments that have demonstrated efficacy. There's compelling evidence supporting the use of cannabis in treating conditions like chronic pain, epilepsy, PTSD, and the side effects of chemotherapy.
Demographic changes are also playing a role in the market's growth. Aging populations globally are leading to a rise in age-related ailments that cannabis can potentially address. Additionally, younger generations, known for their open-mindedness, are contributing to increased consumer adoption.
One of the most striking aspects of the current landscape is the forecasted market opportunity gap. With the 2023 supply estimated at US$ 16.6B and the 2030 demand projected at US$ 65.6B, there's a staggering opportunity gap of US$ 49B. This gap underscores the vast untapped potential in the market, presenting a significant "blue ocean" opportunity for early entrants.
Companies that possess specialized technical know-how, proprietary technologies, and the ability to produce GMP-grade products cost-effectively will emerge as frontrunners. Visionary leaders who establish strategic global alliances will be optimally positioned for sustained dominance as the medical cannabis revolution continues its global spread.

The Problem

Bringing high quality medical cannabis products to market at scale
Current industry challenges severely limit the ability to bring consistent, high quality medical cannabis to global markets economically and at scale. This is preventing the industry from keeping up with rapidly growing global demand. Existing facilities designed for other agricultural crops do not provide the level of environmental control, cultivation expertise, and advanced equipment needed to optimize cannabis yields and tetrahydrocannabinol (THC)/cannabidiol (CBD) levels. Manual, small-scale production processes also lead to variability in quality and potency batch to batch.
These challenges result in supply that is highly inconsistent, of low quality, and expensive compared to demand. The main issues are poor growing conditions, high labor costs, and the lack of large-scale GMP certified facilities designed specifically for efficient cannabis cultivation and processing. Current products often do not meet the stringent regulations and quality standards required for use as ingredients in approved medical applications.
Significant investments are urgently needed in infrastructure, cannabis-specific expertise, proprietary grow technologies, and state-of-the-art extraction capabilities to achieve efficient, high-volume production of standardized medical-grade cannabis products. The cannabis industry remains constrained by lack of access to large-scale capital required to create dedicated, technologically advanced facilities leveraging process automation. Production costs also remain inflated due to reliance on small, inefficient facilities in high-labor-cost countries.
The problem comes down to the lack of integrated end-to-end operations purpose-built for regulated, medical-grade cannabis production. This prevents the realization of the full market potential and forces compromise on critical factors such as quality, consistency, scale, and cost. A holistic solution is needed to mature the industry and meet the underserved needs of patients globally.

The Solution

Large scale end-to-end production
The solution to overcoming current industry limitations is to provide highly integrated, large scale end-to-end production capabilities that comprehensively address the quality, consistency and cost challenges. This involves leveraging specialized technical expertise across all aspects of controlled indoor cannabis cultivation, extraction processes, testing/analytical capabilities, and finishing to achieve EU-GMP grade outputs.
Building advanced, purpose-built facilities designed specifically for regulated medical cannabis production with sufficient capacity is a key enabler. The facilities should incorporate the latest technologies and equipment to optimize yields, cannabinoid levels, and energy efficiency. Strategically locating the production operations in a low-cost country provides immense advantages in labor rates, land costs, construction costs, and favorable regulatory environments. An optimal location would offer competitive costs and preferential access to major export markets.
By controlling and optimizing the full supply chain from seed to finished products, higher yields, greater quality control, and significant cost savings can be achieved. This is critical for ensuring standardized medical-grade output. Taking an integrated, end-to-end approach can address the systemic challenges of inconsistent quality, lack of standardization, and high production costs that currently plague the industry. This establishes the platform to reliably deliver affordably priced, high quality medical cannabis at the volumes required to serve growing global demand.
The ideal solution involves bringing together the key elements of technology, expertise, purpose-built infrastructure, and strategic location under one roof. This unlocks the ability to achieve efficient, high-volume production of standardized medical-grade cannabis products to fully capitalize on the underserved market potential. An integrated, large-scale end-to-end operation is the blueprint for success in the evolving cannabis industry.

Our Process

Quality, consistent and lower cost
Proprietary vertical fogponics technology enables highly optimized indoor growing conditions and higher, more consistent yields compared to traditional cultivation methods. This proprietary system mists the roots of the plants using nanosized droplets while maintaining ideal temperature, humidity, lighting, and nutrients for each growth stage. The highly controlled environment facilitates precision agriculture.
GMP certified extraction and processing facilities ensure the purity, quality and repeatability required for medical-grade cannabis oils, distillates and isolates. This involves latest technologies like cryo-ethanol extraction and wiped film distillation. Mandatory protocols cover sanitation, validation, quality control, batch record keeping, stability testing, and final release.
Locating the state-of-the-art production hub in Zimbabwe provides a strategic, low-cost base to supply international markets cost-effectively. The country offers competitive labor rates, affordable land and construction, existing infrastructure, and preferential EU market access. An optimal cannabis-friendly location ensures sustainable advantage.
The experienced executive team has over 70 years of combined global business expertise across consumer goods, biopharma, and agribusiness industries. This depth of capability is essential to manage the end-to-end regulated cannabis operation successfully from cultivation to sales. Extensive quality, compliance, and GMP expertise de-risks execution.
By bringing together cutting-edge proprietary grow tech, GMP grade processing, strategic location selection, and proven leadership, our process is designed to produce affordable, standardized, high quality medical cannabis at scale. The integrated approach controls the complete supply chain to meet underserved global demand.

Why Zimbabwe

Zimbabwe presents a unique blend of advantages, especially for businesses like Ivory Medical that seek to capitalize on the global medical cannabis market. Let's delve deeper into each of the strategic benefits:
Low labor costs: Zimbabwe's workforce offers not only affordability but also a high skill level in the agricultural sector. This dual benefit allows companies such as Ivory Medical to maintain quality while significantly reducing operational costs. Lower production costs can translate to more competitive pricing, fostering a stronger position in global markets.
Existing expertise: Zimbabwe's rich history in tobacco farming has cultivated a deep-rooted expertise in large-scale cultivation. This accumulated know-how is directly transferable to the cannabis sector. The workforce, already familiar with best practices, ensures a smoother transition and reduces the learning curve. It also accelerates the speed to market, giving Ivory Medical an operational edge.
Ideal growing environment: The geographical attributes of Zimbabwe make it a natural haven for cannabis cultivation. The combination of sunlight, fertile soils, and the temperate plateaus give rise to premium quality cannabis. Not only does this assure higher yields but also guarantees consistency in product quality, positioning Ivory Medical's offerings as top-tier in global markets.
Preferential EU access: The country's participation in the interim Economic Partnership Agreement with the EU also grants it duty-free access for select agricultural products like tobacco. This provides a 10-15% cost advantage over North American exports to Europe and establishes Zimbabwe as an ideal hub for low-cost cannabis cultivation and production serving European pharmaceutical demand. This directly translates to better pricing strategies and higher market penetration.
Early mover advantage: Timing is often crucial in emerging markets. Zimbabwe's foresight in legalizing medical cannabis exports as early as 2017 has set the stage for first movers to dominate the scene. Ivory Medical, by leveraging this advantage, can cement its position as a leader, not just a participant, in the global market.
Supportive government: A harmonious public-private partnership is often the backbone of successful business endeavors. In Zimbabwe, the proactive and supportive stance of government agencies ensures that medical cannabis operations flourish without bureaucratic roadblocks. The presence of Ivory Medical's local partners, with their entrenched relationships across various governmental departments, further smoothens the path, ensuring swift decision-making and clear communication channels.
Maybe write something about the volatility of politics in Zimbabwe?
In essence, Zimbabwe is not just another location – it's a strategic goldmine. By harnessing these unique advantages, Ivory Medical stands at the cusp of revolutionizing the global medical cannabis landscape. The confluence of cost benefits, expert human capital, ideal climatic conditions, market access, timely positioning, and government support makes Zimbabwe not just a choice, but the premier choice for Ivory Medical's global vision.

Product Portfolio

Products we are taking to market
The product range will initially consist of cannabis oils, distillates and isolates.
Products will be offered in full spectrum, THC-free and custom formulations.
Additional products like emulsions and terpenes will be added over time to provide a comprehensive medical-grade product portfolio.
The ability to develop custom formulations and white-label products tailored to customer requirements also exists.
Ivory Medical will produce a diverse range of premium, GMP grade cannabis products catering to various customer needs:
Cannabis Oils
Full Spectrum Cannabis Oil - Contains the full range of naturally occurring cannabinoids like CBD, THC, CBG, CBC, and THCV as well as terpenes, flavonoids, vitamins, minerals, fatty acids, proteins, and other compounds found in the whole cannabis plant. This provides the full benefit of the "entourage effect". Suitable for multiple medical applications.
Broad Spectrum THC-Free Oil - Contains a variety of cannabinoids found in the cannabis plant except for THC. This allows consumers to benefit from other cannabinoids and terpenes while avoiding the psychoactive effects of THC. Primary cannabinoid is CBD. Used for general health and wellness.
Custom Formulations - Ivory Medical can produce specialized mixes or ratios of specific cannabinoids along with targeted terpene profiles tailored to particular therapeutic needs. This provides precision solutions for symptom management.
THC Distillate - A purified, clear oil that contains very high concentrations of activated THC, the primary psychoactive compound in cannabis. THC distillate can have levels exceeding 90% purity. Used for vape cartridges, tinctures, edibles.
CBD Isolate - Highly refined CBD extract in a crystalline powder form, achieving 99% pure CBD. Since it is odorless and flavorless, CBD isolate can easily be integrated into capsules, pharmaceuticals, food and beverages.
Other Products
Terpenes - A diverse range of aromatic compounds found in essential oils of plants like citrus, pine, lavender etc. Used to provide specific flavors, aromas and potential therapeutic effects.
Water Soluble Emulsions - Nano-emulsified cannabinoids with faster absorption and onset. Allow use in beverages.
This broad variety of wholesale products - oils, distillates and isolates - along with custom formulations and terpene blends caters to the diverse needs of pharmaceutical, nutraceutical, consumer products, and other customers globally.

Go to Market

Accessing high-growth markets
The go-to-market strategy will focus on a targeted group of leading cannabis retailers, pharmacies and distributors in Europe and North America. These customers will be carefully selected based on alignment with the medical market positioning.
Marketing tactics will include leveraging partnerships, participating in key industry trade shows, search engine optimization, and deploying a small but experienced direct sales team. The team's founder experience in consumer goods and medical industries will be advantageous.
Partnerships with pharmacies and distributors already serving medical markets will provide turnkey logistics and connections to prescribing doctors. Trade show presence will enable engagement with prospective partners. SEO and content marketing will attract customers searching for compliant, high-quality medical cannabis ingredients.
The direct sales team will identify and qualify leads, demonstrate products and capabilities, negotiate supply agreements, and ensure customer satisfaction post-purchase. Their technical knowledge of medical cannabis production will be an asset.
Concentrating marketing on a targeted niche of customers versus a broad approach will enable focused investment and deeper relationships for this startup phase. The experienced founder team helps mitigate execution risk. Their goal is to bring on the right partners and customers to validate the value proposition and gain market entry.

Value proposition

The Ivory Medical difference
Ivory Medical is poised to revolutionize the cannabis industry by providing premium medical-grade products to Europe and Africa. Leveraging a state-of-the-art, GMP certified production base in Zimbabwe, the company aims to establish itself as a key player in these markets. This strategic move, combined with savvy partnerships and distribution channels, allows Ivory Medical to gain a valuable first-mover advantage. To ensure a successful execution of this bold vision, the company relies on an experienced founder team and a trusted technical partner to navigate potential challenges and capitalize on lucrative opportunities.
Supplying Premium Medical-Grade Cannabis Products:
Ivory Medical distinguishes itself by offering superior, medical-grade cannabis products, setting a new standard in the industry. Their GMP certified production base in Zimbabwe guarantees compliance with stringent quality and safety standards, catering to the discerning demands of European and African markets. This commitment to excellence ensures that patients and consumers have access to safe, effective, and reliable cannabis-based treatments and products.
Establishing First-Mover Advantage:
Recognizing the immense potential in the European and African markets, Ivory Medical is strategically positioning itself as a first-mover in the cannabis industry. By forging strategic partnerships and leveraging robust distribution channels, the company aims to establish a strong market presence ahead of potential competitors. This early entry into these markets not only allows Ivory Medical to capture significant market share but also provides a platform to build brand recognition and customer loyalty.
Mitigating Execution Risks:
The success of Ivory Medical's ambitious plan is underpinned by the expertise of its founder team and the support of an expert technical partner. The experienced founders bring a wealth of knowledge in both the cannabis industry and international business, equipping the company to navigate complex regulatory landscapes and industry dynamics. Additionally, the collaboration with a trusted technical partner further enhances Ivory Medical's capabilities in cultivation, processing, and quality control, reducing execution risks and ensuring compliance with international standards.
Technical Expertise and Efficient Operations:
The technical partner's expertise complements the founder team's skills, resulting in a well-rounded approach to operations. From cultivation to processing, their joint capabilities ensure an efficient and cost-effective production process, enhancing the competitiveness of Ivory Medical's products in the global market.
Compliance and Reputation:
The GMP certification of the production base in Zimbabwe reinforces Ivory Medical's commitment to adhering to the highest quality and regulatory standards. This compliance not only opens doors to European markets but also enhances the company's reputation as a trusted and reliable supplier of medical-grade cannabis products.
Ivory Medical's strategic vision of supplying premium medical-grade cannabis products to Europe and Africa through an GMP certified production base in Zimbabwe holds immense promise. With a first-mover advantage, driven by strategic partnerships and distribution channels, the company is well-positioned to make a significant impact in the industry. By mitigating execution risks through an experienced founder team and a technical partner, Ivory Medical aims to lead the way in revolutionizing the cannabis market and improving healthcare outcomes for patients across borders.

Key Differentiators

How we stand out
Ivory Medical's innovative features set it apart as a leading player in the cannabis industry, boasting cutting-edge technology, diverse product offerings, and strategic revenue streams.
Proprietary Hydroponics Technology
Ivory Medical is not just another player in the cannabis cultivation arena; it has distinguished itself with a proprietary hydroponics system. This advanced vertical setup offers not just optimized cultivation conditions but truly sets a new benchmark. The ability to meticulously control parameters such as nutrients, lighting, and humidity makes it a game-changer, especially when the end goal is medical-grade cannabis. The benefits of this technology are manifold — from ensuring consistent yields to maintaining the highest quality of the produce.
GMP Certified Extraction (with intention to be EU-GMP certified by 2025)
Quality assurance in extraction processes is paramount, especially when the output is destined for therapeutic uses. Ivory Medical has not only recognized this but has taken proactive steps to get GMP certification for its extraction methods. This ensures that their oils, isolates, and derivatives are produced following the highest global standards. And the ambition doesn't stop there; with an eye on the future and the expansive European market, the company intends to achieve EU-GMP certification by 2025. This planned certification underlines their commitment to quality and their vision for a global footprint.
Cost-efficient Zimbabwe Production Base
While many players in the industry grapple with soaring operational costs, Ivory Medical enjoys a significant advantage with its Zimbabwe production base. The strategic location offers a plethora of cost benefits, from affordable labor to economical utilities. But it's not just about savings; it's about the strategic edge. These cost advantages, ranging between 40-60% when compared to European and North American counterparts, allow Ivory Medical to offer competitive pricing without any compromise on product quality or profitability.
Experienced Executive Team
Behind Ivory Medical's strategic moves and achievements is a powerhouse of an executive team. Boasting a cumulative experience spanning 75 years, the leadership team brings to the table unparalleled expertise from the realms of consumer goods and emerging market operations. Their diverse backgrounds encompass sectors like pharmaceuticals, manufacturing, distribution, and brand-building. This collective wisdom and experience form the backbone of Ivory Medical, guiding its vision and mitigating execution risks.
Licensed for Full Spectrum Operations
Having a license is one thing; having a full-spectrum license is quite another. Ivory Medical's comprehensive licensing allows it to oversee and control the entire cannabis value chain. From the early stages of nursery and cultivation to the intricate processes of extraction, product manufacturing, and distribution, every step is integrated under one umbrella. This holistic approach ensures not just efficiency at every stage but also guarantees consistent quality oversight, fortifying Ivory Medical's promise of excellence to its stakeholders.
Each of these pillars testifies to Ivory Medical's commitment, vision, and capability to lead and innovate in the medical cannabis domain.


What that means
Ivory Medical's impressive list of benefits solidifies its position as a cost-competitive, quality-driven, and strategically managed cannabis supplier, attracting customers, partners, and investors alike.
Low-Cost Position Versus Peers
In the cutthroat landscape of the cannabis industry, financial nimbleness is a significant boon. Ivory Medical, by virtue of its strategic decision to root operations in Zimbabwe, has achieved an operational model that dramatically undercuts its North American and European counterparts. The favorable cost conditions span from labor to utilities, and from materials to other overheads. This isn't merely a cost-saving mechanism; it's a strategic advantage that translates directly into competitive pricing, without compromising on profitability.
First Mover Advantage in Africa
The African continent, with its vast untapped potential and burgeoning markets, represents a goldmine for the medical cannabis industry. By establishing its foothold early in this emerging market, Ivory Medical isn't just participating — it's leading. This proactive approach allows the firm to form strategic partnerships, foster brand loyalty, and lay the groundwork for expansive distribution networks. As competition eventually surges, Ivory Medical's established presence will serve as a formidable barrier to entry.
Strong Government Relationships
The intricate dance of business and governance often dictates a company's success, especially in industries as regulated as cannabis. Ivory Medical, through astute partnerships and collaborations, has fortified its bond with crucial Zimbabwean governmental bodies. This alliance ensures a smoother sail through the waters of licensing, periodic approvals, and the maze of compliance. Moreover, this relationship instills a sense of trust and credibility in stakeholders, reinforcing Ivory Medical's standing in the industry.
Preferential Access to EU Markets
Global trade dynamics are in constant flux, with tariffs and duties often serving as barriers. However, Ivory Medical's strategic alignment with specific trade agreements carves a direct, duty-free path into the vast European markets. This not only represents a direct 10-15% cost advantage over North American competitors but also cements Ivory Medical's position as a favored supplier in the EU pharmaceutical sector, a market renowned for its stringency and demand for quality.
High Yields and Quality Output
At the heart of Ivory Medical's operational excellence is its unwavering commitment to product quality. Partnering with industry leaders ensures that the company’s cultivation and extraction techniques are nothing short of state-of-the-art. This commitment, coupled with the unique advantages of its Zimbabwe-based operations, ensures that Ivory Medical's products not only reach the market in bountiful quantities but also consistently exceed industry standards for quality and efficacy.
With these pillars supporting its vision, Ivory Medical is poised to redefine industry benchmarks and establish new paradigms for excellence.
In summary, Ivory Medical's innovative cultivation technology, premium pharmaceutical-grade products, and flexible business strategy position it as a leading player in the cannabis industry. The company's commitment to sustainable practices, technical expertise, and strategic leadership sets it apart from competitors, making it an attractive choice for customers, partners, and investors seeking excellence in the cannabis market.

Business Model

How we make money
The core business model is based on the sale of finished medical cannabis products like oils, distillates and isolates to a global customer base. Revenue will primarily come from bulk supply agreements and strategic partnerships with leading distributors, retailers and pharmacies. The ability to provide large volumes of high quality, standardized product at competitive pricing will be key to winning major contracts.
Additional revenue streams include white label and private label capabilities to customize products for specific customer requirements. The in-house GMP certified facility allows full control of the value chain and production according to precise specifications for purity, potency, and consistency.
The business model will focus on medical applications initially but can expand into adult-use as regulations permit. The B2B approach targets major players in distribution and retail channels versus direct to consumer.
Key cost drivers are cultivation, extraction/processing, testing and raw materials. The strategic location in Zimbabwe provides advantages in labor, construction, and operating costs. High-yielding proprietary grow technologies also lower costs through increased productivity. Securing long-term supply agreements with key equipment and ingredient suppliers will enable favorable terms.
The experienced executive team will leverage extensive global business expertise to secure the strategic partnerships, customers, and supply chain relationships necessary for advantages in quality, cost, scale and market access. This provides the foundation to build a sustainably profitable operation.


Built by industry experts
NASH KADZINGA: Nash is the General Manager of Ivory Medical (Private) Limited and a seasoned business executive who has a wealth of knowledge from the pharmaceutical sector. Nash has worked in the audit and pharmaceutical industries in finance, operations, and business development. Nash previously held senior executive position and served on the Boards as Director for Baines Intercare (Private) Limited and Medsure Healthcare (Private) Limited, respectively. Nash completed his audit training with KPMG Chartered Accountants in 2009. He also possesses a postgraduate certificate in Operations Management from the University of Cape Town and a Bachelor of Accounting Science degree (BCompt) from the University of South Africa.
ANNASTASIA HLANYA CA (Z): Annastasia is the Finance Manager of Ivory Medical (Private) Limited. Annastasia previously worked as the Finance Manager for Northern Tobacco (Private) Limited (“Northern Tobacco”), a Zimbabwean tobacco company that engages in contract farming, processing, and export of tobacco. Northern Tobacco is a subsidiary of the Rift Valley Holdings Group. She completed her training with KPMG Chartered Accountants in 2017 at the rank of Audit Supervisor before moving to Northern Tobacco. From her work experience managing high-performing finance teams in the audit and agriculture business, Annastasia has more than ten years’ experience. She has extensive experience in audit and risk management, financial reporting, treasury and compliance, grower management, and strategic planning. She possesses a Bachelor of Accounting Science degree (BCompt) (Cum-laude) from the University of South Africa. She is also a registered Chartered Accountant with the Institute of Chartered Accountants in Zimbabwe.
ALLAN S KASAMBARARE BPHARM (ZIM): Allan is the Production Manager at Ivory Medical (Private) Limited. He is a registered Pharmacist and obtained his Bachelor of Pharmacy (Hons) degree in 2017 with the Harare Institute of Technology. He has over 6 years’ experience in the Good Manufacturing Practice (GMP) and Quality Assurance (QA) field. After graduating, Allan joined the Medicines Control Authority of Zimbabwe (MCAZ) as a pre-registration Pharmacist. Allan was exposed to different divisions within MCAZ during his time there which included the licensing and enforcement department, evaluations, registrations and pharmacovigilance and clinical trials. Upon leaving MCAZ he joined a local pharmaceutical manufacturing company called Pharmanova as the Production Pharmacist. He rose through the ranks to being made production manager and oversaw the entire production, packing and warehouse departments. He then joined Avacare Health Global and assumed the position of Regional Projects Manager – GMP and QA. His main role ensured compliance of all Avacare entities within Southern Africa for both GMP and Good Distribution and Storage Practices (GDSP). Allan is currently pursuing a Masters in Business Administration with the University of Suffolk in the United Kingdom.
ROSS MCPHAIL: Ross is the Quality Assurance Manager for Ivory Medical (Private) Limited. Since the South African legalization of medical cannabis in 2018 Ross has advanced within the industry. Ross assisted 19 applicants in becoming compliant and eligible to get a license in accordance with the Medicines and Related Substance Act of South Africa under a section 21(b). He was involved in ensuring compliance of medical cannabis facilities under Good Agricultural Practice (GAP) and Good Manufacturing Practice (GMP) regulations. Ross holds the following certificates; Higher Certificate in Business Management, Business Administration, Management and Operations with Regenesys Business School, Master Certificate in Cannabis (botonny, plant biology and business) with Cannabis Training University, Process validation and Cleaning Validation (Certificate) with NSF Pharma Biotech, ISO45001 & ISO 14001 with National Occupational Safety Association (“NOSA”), SAMTRAC with NOSA, ASHEPP with NOSA and Level 3 Investigation with NOSA.
SPENCER MATIKI: Spencer is the Cultivation Manager for Ivory Medical (Private) Limited. He has a Master of Sciences in Plant Sciences Specialization, Plant Breeding and Genetics Resources with Wageningen University and Research, Netherlands. With ten years of experience in the agricultural sector, Spencer will be involved in the cultivation of the medical cannabis. Spencer is also in the extraction process of the cannabis oil. His agronomic expertise, practical extraction experience, and training have changed the way that extraction is done and have contributed a wealth of information to Zimbabwe's developing international market.
MAREK HOUBA: Marek is the Project Manager for Ivory Medical (Private) Limited. He has the following educational background: Construction Management with a BSc (Hons) from the University of Capetown. Marek has over twenty-four years of program and project management experience in a variety of build environment sectors, in both the public and private sectors, in South Africa and internationally. In the civils, rail, roads and transportation, retail, and commercial sectors of the business, Marek has scoped, planned, managed, and produced numerous significant projects on time and under budget.
Ivory Medical is led by an experienced team along with a reputable technical partner:
Founders- need pictures


Competitive Advantage

What sets us apart
Ivory Medical has several sources of competitive advantage:
Ivory Medical enjoys several key advantages that differentiate it from other cannabis producers:
Cost Leadership:
Ivory Medical’s production costs in Zimbabwe are estimated to be 30-50% below competing North American and European producers. Key drivers include:
Low-cost skilled agricultural labor (40% below benchmarks)
Minimal energy and water costs (20-30% savings)
Lower construction costs than GMP greenhouses
Preferential Market Access:
Zimbabwe’s duty-free trade status with the EU for agricultural products gives Ivory Medical a 10-15% price advantage over Canadian and American exports.
First Mover Advantage
Early license secured in Zimbabwe provides a head start in establishing local partnerships and distribution channels.
Local leadership team enables strong government relationships and industry knowledge.
Technical Expertise:
Ivory Medical’s partnership with technical advisor provides proven technical expertise in:
Facility design optimized for quality, yields, and costs
Proprietary genetics and cultivation protocols
Extraction processes engineered for purity and consistency
Speed and Execution:
Ivory Medical has completed facility construction and equipment installations in 18 months compared to 36+ months for competitors. This allows quicker market entry and payback on investments.
Competitive Landscape
Key players in the global cannabis market include:
Canopy Growth - Largest global producer with over 500,000 kg capacity. Expanding in Europe.
Aurora Cannabis - Low-cost producer focused on high-margin medical oils. 87,000 kg capacity.
Tilray - Global footprint with EU-GMP certified Portuguese facility. Recently merged with Aphria.
Hexo Corp - Competitor from Canada focused on edibles and beverages production and distribution.
Cronos Group - Strategic focus on R&D and IP development through Ginkgo Bioworks partnership.
While the market is fragmented, these leading companies exemplify the rapid capacity expansion and geographic moves needed to capitalize on the sizable global opportunity. Ivory Medical is poised to replicate this growth trajectory leveraging its strategic location and partnerships.


Our Goals
Ivory Medical has laid out a robust roadmap to scale its operations in phases:
Phase 1 - Build & Launch (2022)
Complete construction of GMP certified facility
Install extraction and processing equipment
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