THE NUMBERS OF THE LEGAL WEED INDUSTRY IN SOUTH AFRICA RIGHT NOW

THE NUMBERS OF THE LEGAL WEED INDUSTRY IN SOUTH AFRICA RIGHT NOW

Government wants to have concept plans for the development of the hemp and dagga sector in place by October, especially considering the potential the industry could hold for job creation, says Busani Ngcaweni, the head of policy and research in the presidency.

This is one of the economic sectors in which concept master plans are being developed because there is enough evidence to show that jobs will be created, especially in rural areas, said Ngcaweni at a conference in Sandton last week.

The plans are to be modelled on the success of government’s development and support programme for the vehicle manufacturing sector since 1995, which is regarded as one of the most important interventions in industrial policy.

The plans for various economic sectors, including textiles, sugar and downstream activities in the steel industry, will form part of government’s second investment summit, which is scheduled to be held in November, said Ngcaweni.

According to international experts, South Africa’s dagga industry could be worth more than $7.1 billion (R107 billion) if legislation to legalise one of the continent’s biggest markets is passed.

Prohibition Partners, which works to unlock community and commercial opportunities in the cannabis industry based on reliable data and research, said South Africa and Nigeria had the potential to become the continent’s highest value markets, worth $667 million and $75 million, respectively, by 2023 if the use of dagga is permitted for medicinal and recreational use.