South Africa’s government launched a master plan aimed at leveraging a 28-billion-rand ($1.9-billion) cannabis economy that could generate 25,000 jobs and attract foreign investment.
A two-year process was coordinated by the Department of Agriculture, Land Reform, and Rural Development to develop a national strategy for the plant’s industrialization and commercialization. It stated the dossier included lessons learned from major cannabis producers like as the United States, Canada, Mexico, and China.
“Establishment of the cannabis industry will lead to diversification of the economy,” the agency stated in a presentation to MPs on Wednesday. “And thus increase economic growth, create jobs and for poverty alleviation,”
The primary threats to the business, according to the report, are regulatory limits and the prospect of “takeover or dominance” by well-funded companies and drugstore groups.
The proposal calls for increasing the growth of hemp and marijuana for a variety of purposes, including medicinal, food, and recreational use. It aims to expand the volume and variety of cannabis produced for domestic and international markets while maintaining an efficient regulatory and legal framework.
In September 2018, South Africa decriminalized marijuana for personal use.
Original article: https://www.bloomberg.com/news/articles/2021-08-25/south-africa-crafts-strategy-for-1-9-billion-cannabis-industry
