Africa’s legal cannabis industry could generate more than $ 7.1bn a year by 2023 if more of the continent’s major markets open up and follow the trend of legalisation seen in the US, Canada and Europe, according to a new report released on Thursday.
“Cannabis is already widely grown and consumed across the continent with production currently standing at around 38,000 tons and consumption rates at 13.2%,” according to the report. The report by Prohibition Partners says that while any path towards a legalised and regulated cannabis industry presents a number of significant challenges due to opaque laws and inconsistent enforcement, Africa’s climate, affordable land and low-cost labour offer enormous opportunities in a market which could exceed $7.1bn by 2023.
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