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Economic value and rating of Cannabis, (Indian hemp)

 

Spokeperson of the house of representatives, Hon. Benjamin Okezie Kalu stated during a press conference on the benefits and opportunities of Cannabis in Akure, Ondo state as the House of Representatives plans to legalise the use of Indian hemp for economic benefits.

Arrangements was made in agreement with the House of Representatives to organize a two day stakeholders round tables on the benefits of  weed.

Kalu stated Agriculture has always been a major backbone of Nigeria and Cannabis provides a wide variety of economic value. In fact Indian hemp is a variety of Cannabis Sativa plant, a specie that is grown specifically for industrial purpose.

Indian hemp, when harvested provides unquantifiable yield of edible proteins and fibres having more than 50,000 product application ranging from paper making, textiles, biodegradable plastic, fuel, construction, food, beverages etc.

Market research was conducted and shows that the Global Industrial Hemp Market was rated at USD 5 billion by 2019, projected towards USD 36 billion by 2026, growing at a CAGR of 34 percent from 2019 to 2026. Consultancy firm Prohibition Partners stated by 2023, the value of Africa legal Cannabis market could be worth over USD 7.1 billion.

In line with the discovery from the research, arrangements are currently in process, by all stakeholders on moralities, for legalization, licensing, and regulations of the industry.

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