The global market for cannabis and hemp is booming, with many African countries playing key roles in the supply chain. Global sales of cannabis and cannabis-related products might hit $102 billion by 2026, claims The African Cannabis Report.
The continent’s burgeoning cannabis market is set for explosive expansion. Africa’s legal cannabis market may be worth more than $7.1 billion USD by the end of 2023, according to the analysis, thanks to timely cannabis reform initiatives, the expanding worldwide market, and dwindling earnings from the region’s tobacco producers according to Prohibition Partners’ The African Cannabis Report,
U.N. estimates put annual cannabis production in Africa at 38,000 tons, with an even higher annual consumption rate of 13.8%, despite the fact that the crop is still mainly illegal or at least unregulated over much of the continent. As rising unemployment rates and diminishing worldwide demand for tobacco crops harm the economies of many African countries, the authors also observe that “the region has a plethora of knowledge in cannabis farming.” according to a report in Ganjapreneur.
With its favorable climate, relaxing laws, viable farming land, and pre-existing experience in agriculture and hemp production, South Africa is a promising contender despite being in the early stages of overcoming the various legal, political, and social obstacles needed to become a major player in the industry.