An organisation that represents commercial farmers and agribusiness enterprises nationally has called for more research into the growing and trading of cannabis in SA and the rest of the world.
In a market update on Monday, the Agricultural Business Chamber (Agbiz) said such research would assist policymakers in evaluating the benefits, and possible unintended consequences, of the plant. Agbiz noted a Constitutional Court ruling that decriminalised the private use of cannabis in SA. It said, however, the conditions and boundaries still need to be considered and legislated.
Wandile Sihlobo, head economist at Agbiz, said private use might not be where the commercial value lies.
“The focus should rather be on exploring the possible benefits for the country through the controlled, international trade in cannabis and its products, and also medicinal use purposes in the domestic market,” said Sihlobo.
The cannabis industry is growing fast throughout the world as more countries move to legalise the plant. A report by Europe-based market intelligence and strategic consultancy firm Prohibition Partners, highlighted that 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.
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