SOUTH AFRICA'S CANNABIS INDUSTRY BREAKDOWN
Zimasa "mooshtaffa" Vabaza breaks down the numbers for the cannabis industry in South Africa...
MONSIEUR iNi The South African retail cannabis industry is tentatively valued at nearly R36 billion ($2 billion). In 2021, the government unveiled an updated Master Plan for the industrialisation and commercialisation of cannabis, signifying a transformative vision for the country's economy.Previously, the cannabis industry operated predominantly underground and was traded on the black market with an estimated worth of R28 billion. However, the 2021 Master Plan detailed how formalising this sector could be a game-changer for the nation, transitioning it into a legitimate and lucrative industry.
The commercialisation of the hemp and cannabis industry presents an incredible opportunity, poised to become a fast-growing, multi-billion dollar sector with both local and international markets. In South Africa alone, the potential legal pharmaceutical market for hemp and cannabis is estimated at over R100 billion annually.
By tapping into and making the cannabis industry globally competitive, South Africa stands to reap significant rewards. The legal hemp and cannabis sector has the potential to create over 130,000 new jobs, providing substantial economic and social benefits to the country. Check out the video breakdown by the brilliant Socio economic commentator Zimasa "mooshtaffa" Vabaza as he peels back the layers of the cannibus industry in South Africa.
