The legal cannabis industry in Africa could be worth more than $US 7.1 billion annually by 2023, according to market intelligence and strategic consultancy firm Prohibition Partners.
Annual prevalence rates of cannabis use in Africa cement the region as having one of the highest consumption rates around the world. “Assuming there is full legalisation and regulation of the cannabis industry, South Africa and Nigeria potentially represent the region’s two largest value medicinal cannabis markets going forward, worth US$667m to South Africa and US$75m to Nigeria by 2023.
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