Latest News Editor's Choice

News / Africa

Malawi legalises marijuana

by Daniel Itai
27 Feb 2020 at 17:10hrs | Views
Lilongwe, Malawi - Today, the Malawian Parliament endorsed the Cannabis Regulation Bill which allows for the farming of the three leaf herb for medicinal purposes.

Legislators said legalising marijuana will help contribute to Malawi's economy as well as assist in treating chronic ailments.

According to the 2018 European Consumer Staples Report from Barclays Bank, the global legal cannabis market could be worth US$272 billion by 2028.

"If African nations introduce pro-business legislation, enforce standards and create high quality pharmaceutical products there's no reason why Africa can't be a major player in the global cannabis industry.

There's a lot of investors waiting to pump capital into the African market, but operators need to demonstrate an ability to produce high quality domestic cannabis before capitalising on international exports," said Eoin Keenan, a business consultant.

In 2017, American firm Rhizo Sciences partnered with Africa's first and largest licensed medical cannabis producer, Medi Kingdom, to build a US$45 million medical cannabis export facility in Lesotho.

The plant, which has 35 000sq metres of climate controlled greenhouses and a pharmaceutical grade extraction and manufacturing plant, can generate 35 000kg of cannabis flower annually, worth between US$150 million and US$200 million.

Get latest news by email:
Source - Daniel Itai

Get latest news by email: