South Africa’s Cannabis Industry is Expected to be Worth R25 Billion

South Africa’s cannabis industry could be worth more than R25 billion annually by 2023, according to the African Cannabis Report, the first detailed report on the legal cannabis industry in Africa.

South Africa would be the second-biggest African market for cannabis and related products such as hemp and oils, according to the research presented by strategic consultancy firm Prohibition Partners.

There are 1.25 million cannabis farmers in South Africa, according to World Health Organization estimates. At least 350,000 African cannabis farmers are traditional healers who give the plant to others for its medicinal benefits.

In September 2018 the South African Constitutional Court ruled that the recreational use of cannabis was no longer a criminal offence. 

The court gave the government two years from the date of the ruling to bring the country’s cannabis laws in line with the constitution. Which means that come September of this year, some further ground rules will surely be established. As well as many South Africans being hopeful that the grey areas of the legislation will be addressed. 

The South African government is working towards regulating the cannabis industry to legalise its use and benefit from the job creation, especially in rural areas, according to CityPress.

Authorities in South Africa want to have a framework for the development of the hemp and cannabis sector in place by October.