Ghana eyes $1bn revenue from cannabis industry

Ghana is considering the sale of cannabis to boost its economy
The Chamber of Cannabis Industry CEO, Mark Darko, believes that Ghana could potentially generate up to $1 billion in revenue from cannabis
The country has adopted the Narcotics Control Commission Bill, 2023, which authorizes the growing of cannabis for industrial uses

According to the Chamber of Cannabis Industry CEO Mark Darko, the sale of cannabis, a product expected to make a around $21.04 billion in 2025, globally, could potentially generate up to $1 billion in revenue for the West African country.

Mark Darko relayed duirng the the opening of the Chamber of Cannabis Training Center in Accra, which will train farmers how to cultivate and process cannabis, that $1 billlion in revenue from cannabis can only be achived with the intervention of the government.

"One can make not less than $10,000 from just one hectare of cannabis. This is a $50 billion industry. If Ghana is able to make at least $1 billion annually from cannabis. Cannabis will reset Ghana's economy," local media quoted Darko as saying.

Following the adoption of the Narcotics Control Commission Bill, 2023, which authorizes the growing of cannabis for industrial uses, the CEO stated that Ghana must utilize its cannabis resource for both therapeutic and industrial purposes.

SEE HERE: 9 African countries that have legalized cannabis cultivation for industrial, medicinal purposes

“One can make not less than $10,000 from just one hectare of cannabis. This is a $50bn industry. If Ghana is able to make at least $1 billion annually from cannabis, you can imagine what that can do for our country. Cannabis will reset Ghana’s economy,” he said.

“The United States recorded over $11 billion in medicinal cannabis revenue in 2021, and that’s set to more than double by 2025. Europe, projected to be the largest medicinal cannabis market in the world, is expected to reach $45 billion within the next five years,” he added.

According to Darko, the Chamber's Training Center will provide farmers and processors with the assets and expertise to grow and manage cannabis and hemp in a way that's sustainable, with assistance from Sky Bridge Pharmaceuticals.

He also noted that the center is going to encourage ethical behavior, research and innovation to create goods that serve international markets.

According to Samuel Twumasi, Group CEO of Sky Bridge Group, his company intends to participate in the cannabis industry in order to manufacture unparalleled cannabis-based medications that adhere to the tightest regulations globally.

To encourage investment in the industry, he urged the government to impose taxes and levies for cannabis growing permits as soon as possible.

Source: Asaase Radio