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With record legitimate shipments, Africa heads for the $ 7 billion cannabis market

Canada-based Instadose Pharma Corp completed the shipment of 2.125 tonnes of medical cannabis from South Africa to North Macedonia on December 25, 2021. Every year by 2023.

2020 report Banned partners If the required legislation is introduced, the majority of the market will be in Nigeria ($ 3.7 billion), South Africa ($ 1.7 billion), Morocco ($ 900 million), Lesotho ($ 90 million), Zimbabwe ($ 80 million). It is estimated to exist in 5 countries. ..

However, according to Sibusiso Xaba, co-founder and CEO of the African Cannabis Advisory Group, he wrote: bizcommunity.comThe most significant recent development is South Africa, the market he expects to be the largest in earnings.

According to Xaba, more than 15 tonnes of legal cannabis will be exported from the continent to the world in 2021, a 10-fold increase compared to 2020, with Southern Africa, Lesotho and Uganda as major exporters.

Despite industry concerns about regulation, he states South Africa’s progress is “undeniable.” The country has created a cannabis master plan and has taken steps to enable commercial cultivation of cannabis, a plant-class cannabis with a low content of THC, a psychoactive compound that causes “high”.

Academic claims that cannabis could revive South Africa’s economy

Taking it one step further, Nqobile Bundwini, a lecturer at the University of Cape Town, argues in a recent research paper that if cannabis is blamed and allowed to prosper, the sick South African economy can be revived. increase.

Despite being the most commonly cultivated drug in the world, it remains a problem to involve investors to develop the industry, she says.

“The cannabis industry is huge, but the stigma attached to it poses endless challenges: lack of knowledge about the industry, legal bureaucracy, lack of funding and limited banking options, and widespread social disapproval. Is just part of the problem, “she told Iémah Davids. University of Cape Town News..

“I feel that South Africa tends to lag behind and not make the most of its abundant resources, otherwise it will be left behind. In fact, it is a pioneer and needs to lead the front line. is.”

With record legitimate shipments, Africa heads for the $ 7 billion cannabis market

Source link With record legitimate shipments, Africa heads for the $ 7 billion cannabis market

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