News / National
Zimbabwe eyes US$272 billion global cannabis market
22 Jul 2024 at 07:49hrs | Views
Zimbabwe's favorable climate for cultivating high-quality medicinal and recreational cannabis, combined with appropriate regulations and robust marketing strategies, holds significant economic potential. The optimal growing environment can produce cannabis that meets international standards, creating export opportunities and attracting investment, leading to job creation, increased revenue, and overall economic development.
In 2018, Zimbabwe became one of the first African countries to legalize medicinal cannabis production. The global cannabis industry is projected to be worth $272 billion by 2028, with Zimbabwe aiming for at least $1 billion. By 2022, about 60 companies had been licensed to cultivate medicinal cannabis, with the Medicines Control Authority of Zimbabwe (MCAZ) approving the production of cannabidiol (CBD) complementary medicines and inviting drug manufacturers to apply for production licenses. The Zimbabwe Investment and Development Agency (Zida) is confident that local farmers can produce enough medicinal cannabis to support the industry.
During a recent visit to Thathokuhle Farm in Douglasdale, Foreign Affairs and International Trade Deputy Minister Sheillah Chikomo, Information Publicity and Broadcasting Services Permanent Secretary Nick Mangwana, and ZimTrade CEO Allan Majuru observed the farm's 44 hectares, including 20 hectares under cannabis cultivation. Employing about 85 people, with numbers rising to 150 during harvest, the farm grows cannabis under greenhouse conditions, ensuring "organically grown" standards, and utilizes a mechanized drip and lighting system.
Deputy Minister Chikomo praised the farm's production levels, noting the potential of cannabis as a major foreign currency earner. Farm owner Mike Querl highlighted Zimbabwe's advantageous climate and the potential for high yields, with export markets in the USA, Portugal, and South Africa. Querl emphasized the country's ability to produce superior cannabis and the economic benefits of large farm sizes, which prevent over-spraying and ensure high-quality products.
ZimTrade CEO Majuru expressed satisfaction with the farm's production scale and diversification into non-traditional export markets like Australia, the USA, the UAE, and Oman. He noted the potential for value addition and increased participation in the global medicinal cannabis space, emphasizing the country's diversification and export market base expansion.
In 2018, Zimbabwe became one of the first African countries to legalize medicinal cannabis production. The global cannabis industry is projected to be worth $272 billion by 2028, with Zimbabwe aiming for at least $1 billion. By 2022, about 60 companies had been licensed to cultivate medicinal cannabis, with the Medicines Control Authority of Zimbabwe (MCAZ) approving the production of cannabidiol (CBD) complementary medicines and inviting drug manufacturers to apply for production licenses. The Zimbabwe Investment and Development Agency (Zida) is confident that local farmers can produce enough medicinal cannabis to support the industry.
Deputy Minister Chikomo praised the farm's production levels, noting the potential of cannabis as a major foreign currency earner. Farm owner Mike Querl highlighted Zimbabwe's advantageous climate and the potential for high yields, with export markets in the USA, Portugal, and South Africa. Querl emphasized the country's ability to produce superior cannabis and the economic benefits of large farm sizes, which prevent over-spraying and ensure high-quality products.
ZimTrade CEO Majuru expressed satisfaction with the farm's production scale and diversification into non-traditional export markets like Australia, the USA, the UAE, and Oman. He noted the potential for value addition and increased participation in the global medicinal cannabis space, emphasizing the country's diversification and export market base expansion.
Source - The Chronicle
