The worth of the cannabis industry and its potential is known to almost every individual doing business involving pot in Africa. The trend in the western world is changing. Marijuana legalization reforms are introduced in many states and countries around the world. Others are considering changing their policies too.
Africa legalized cannabis less than a decade ago. Still, the industry is flourishing at an accelerating rate. Coronavirus pandemic impacted every country. The marijuana industry can provide means of generating revenue in critical conditions.
Millions of people in Africa have faced imprisonment, fines, and legal charges because they were involved in cultivating and selling cannabis. These were the times before legalization legislation imposition. Individuals that had involvement in marijuana activities were doing such actions underground.
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However, things have changed over the last decade, and the cannabis industry has evolved. The changes in the Western market are attracting other markets and influence the growth rate of the multi-billion dollar marijuana industry. Yet, there are many things that the government can do to improve the progress rate of the pot industry.
Within the continent, ten countries are working on the legal framework for cannabis activities. Moreover, other countries in Africa are still trying to reformulate their cannabis legislation.
Research On Legal Pot Market
According to Prohibition Partners, the marijuana legal industry of Africa is likely to reach $7.1 billion in assets within the following two years. Prohibition Partners is a research and consulting firm, which focuses, especially on the legal cannabis industry.
The firm collected data from legal pot markets. These regulated marijuana markets include marijuana markets present in South Africa, Zimbabwe, Lesotho, Nigeria, Morocco, Malawi, Ghana, eSwatini, and Zambia.
Moreover, legislators and preachers think legalizing and giving licenses to do cannabis business will increase adult’s access to recreational cannabis. Despite knowing the importance of the industry, no one is ready to invest in selling pot products to youth in the slum.
Opening Doors To Cannabis Market In Africa
Lesotho is the first nation to legalize pot in Africa in 2017. Last month Morocco legalized marijuana. Morocco is one of the top exporters in the world. Last month the country took a step closer to reaching new heights of success by legalizing medical, cosmetics, and industrial use of cannabis.
The illegal pot industry in Morocco is generating sums of money. According to an estimate, the illegal pot industry sent weed products to Europe annually worth $13 billion. Moreover, 1 million people are earning by doing jobs in this industry.
Job Opportunities From Pot Industry
Legalizing cannabis will help people to convert or modify their illegal practices to legal ones. Morocco’s step to legalization will attract other countries in Africa to design a new regulation or legislation for cannabis involving activities. Most likely, Ethiopia, the Democratic Republic of the Congo, and Nigeria will follow Morocco and pass their marijuana legalization.
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In Africa, people need jobs, and the countries in the continent are considering improving regulation and the legal environment for the cannabis industry. African countries are investing in technology too, to generate new job opportunities.
Cannabis industries in African countries near the equator have the potential for expansion. These industries can make medicines from the pot or use the plant for paper production, eco-bricks, and plastic production. Isaac Imaka is the director at the Seven Blades, Uganda. Isaac also agrees to use pot for production of multiple products.
Janet Museveni is the First Lady of Uganda. According to the First Lady of Uganda, legalizing cannabis is satanic and can ruin children. There are different reviews about legalization. In Uganda, according to an estimate, there are more than 2.6 million users of pot. Some legislators are in favor of modifying pot legislation to improve the condition of the public and country. There are some legislators that regard legalizing as an immoral thing to do.