It seems global governments and their citizens are now starting to better understand marijuana’s value proposition: Health and wellness benefits — some of which are yet to be fully understood — along with financial and economic benefits from the taxation and regulation of business. North American industry especially is responding rapidly, scaling up its asset base, building brands and creating strategic partnerships. Africa is also awakening to the possibilities.
The team believes that Asia has the potential to be the largest regional cannabis market in the world, followed by greater Europe and North America including Mexico. They forecast Africa will be worth US$24.127-billion by that stage. Malawi is set to become the latest African country to legalise dagga farming in a bid to boost its economy. It comes as its major foreign exchange earner, tobacco, starts to see the impact of a decades-long global anti-smoking lobby. The country’s parliament has drafted a bill on legalising industrial and medicinal hemp which is expected to be tabled with the national assembly shortly.
Wandile Sihlobo, agricultural economist and head of research at Agbiz, says conditions and boundaries of what the crop could mean for the economy and industry still need to be considered and legislated. He says cannabis as an economically viable cash crop is new to everyone, and like the rest of the world, we need to clearly define the rules of the game, before entering it.We need to ask ourselves if Lesotho and Malawi are starting to issue licences, what are we missing? If the US is establishing an industry, why aren’t we? If China is making over US$1-billion a year from exporting hemp, why aren’t we looking into that?” asks Sihlobo.
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