‘ESWATINI SITTING ON E20BN ‘GOLD’

MBABANE – Eswatini could make E20 billion from the Africa cannabis market.

The submission was made by Chairperson of Eswatini Cannabis Association, Saladin Magagula after it emerged that the African cannabis and associated products market would be worth E104.35 billion (US$7.1 billion) by 2023. This is according to a report by London-based industry body, Prohibition Partners, a group of researchers, scientists and entrepreneurs. The report states that Africa is likely to become one of the world’s top medical cannabis growers and it also states that with abundant land, a large labour force and an ideal climate for cannabis cultivation, investors have been keen to scout out the continent, and particularly southern Africa.

Pollution

Cultivation and extraction specialist at Israeli Cannabis Research Jordan Curl and investment firm Ican said Africa offered growers comparatively clean soil, little pollution and many high-quality strains of CBD, one of the most abundant cannabinoids found in hemp, ideally positioning the continent for global exports. CBD oil is a naturally occurring compound found in the resinous flower of cannabis. South Africa is leading Africa’s entry into the global market together with neighbouring Lesotho and Zimbabwe, having recently granted licences to grow and export legal medicinal cannabis.

A number of other nations, including Eswatini, Uganda and Malawi, are currently examining legalising cannabis cultivation for medicinal or industrial applications. Magagula called for parliamentarians to be prompt in completing the Cannabis regulations as the Opium and Habit forming Drugs Bill of 2019 was passed in Parliament. He stated that government could make about E20 billion through taxes as more people could be employed through the legalisation of the cannabis industry in the country and that could help resuscitate the ailing economy.

Liberated

Magagula was of the view that the cannabis industry in the country should be liberated in the sense that all cannabis growers, including the current informal growers of the herb, should do so under a legislation that allowed for such. He said now that the law was passed, there should be follow-ups to commercialise the cannabis industry in the country and capitalise on local and international markets for the herb. “African countries have already given in to the cannabis market and Eswatini is trailing behind. “There is way more that the country stands to benefit from this market and the legislation that allows for such should be concluded quickly so that we penetrate the market.”

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