global sales of cannabis-related products and cannabis could reach a total of $102 billion by 2026.
Germany recently became the largest and most developed market, with other European countries steadily allowing for its use to treat medical conditions. These countries have been turning to South African producers to source medical cannabis products, because these must often meet the strict regulatory requirements imposed by foreign governments.
In President Cyril Ramaphosa’s 2022 State of the Nation address, he announced plans for the growth of the cannabis and hemp industry, recognising the industry’s potential for investment. According to Ramaphosa, “the legal hemp and cannabis sector has the potential to create more than 130 000 new jobs in South Africa”.
Different countries regulate the growth and use of marijuana on varying levels, but South Africa has recently found itself on the lax end of the legal spectrum. This is big news for commercial producers, as well as those in rural areas who have historically been involved in cultivating South Africa’s cannabis industry.
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