The City of Cape Town says it will explore all avenues to ensure its residents benefit from a growing legal cannabis industry, including releasing land for its cultivation.
The global industrial hemp market size is expected to reach $10.6bn by 2025, according to US-based market research and consulting company Grand View Research. “This set the foundation to unlock Cape Town’s potential in this untapped sector. We have identified foreign investment interest and the possibility of it bringing in significant income, jobs and skills,” said Vos.
A report released in 2019 showed that Africa’s legal cannabis industry could generate more than $7.1bn a year by 2023 if more of the continent’s big markets open up and follow the trend of legalisation seen in the US, Canada and Europe.