According to a statement made by Instadose Pharma Corporation, it made a record shipment of 2.125 tons of medicinal cannabis from South Africa to North Macedonia by December 25, 2021, increasing optimism that the African cannabis industry would be worth more than $7B by 2023.
This is after Highlands Investments’ August shipment of approximately than 2,000 kilograms of THC and 6,500 kilograms of cannabidiol (CBD) flowers and trim from Lesotho.
According to a 2020 assessment by Prohibition Partners, most of the market will be concentrated in five countries: Nigeria, South Africa, Morocco, Lesotho, and Zimbabwe, once the requisite laws are enacted.
Co-founder and CEO of the Africa Cannabis Advisory Group, Sibusiso Xaba recently wrote on bizcommunity.com that the most important recent changes have been in South Africa, the market he anticipates to produce in the most profit.
Xaba says the region shipped more than 15 tons of legal cannabis to the rest of the globe in 2021, a tenfold growth over 2020.
South Africa, Lesotho, and Uganda were among the top suppliers.
Xaba asserts that South Africa’s progress is “undeniable,” despite industry regulation concerns.
South Africa developed a master plan and took measures to legalize the commercial growth of low-tetraydrocannabinol (THC) hemp.
THC is the psychoactive compound in cannabis that produces a high in users.
According to Research and Markets estimates, the international CBD market will reach $2.73B in 2021 and reach $7.99B by 2027, rising at a 19.6 percent compound annual growth rate (CAGR).
Cannabis To Revitalize South Africa’s Economy
In a new research study, University of Cape Town lecturer Nqobile Bundwini asserts that if cannabis is decriminalized and allowed to survive, it has the potential to revitalize South Africa’s weakening economy.
Although being the most widely farmed drug on the planet, she argues that attracting investors to expand the cannabis industry is challenging.
Bundwini says cannabis is a huge industry, but the prejudice causes countless problems.
Bundwini’s concerns include a lack of industry expertise, legal red tape, fundraising, scarce banking choices, and broad societal opposition.
Bundwini believes South Africa falls way behind and under-utilizes its abundant resources.