Malawi cannabis gets $10 million market
The United States Cannabis Association (USCA) has committed $10 million (about K8.2 billion) to the purchase of industrial hemp, from some 50 licensed cooperatives across the country.
The association is expected to purchase 229,000 metric tonnes of the commodity yearly to be processed for different purposes in the United States.
In an interview, USCA Chief Executive Officer Wezi Ngalamira said the association will be buying cannabis at $80 per kilogramme for flowers and $2 per kilogramme for the grain.
“We are not middlemen but we are here to provide a guaranteed market which will purchase the leaf for processing. When we harvest flowers, we have already started the processing phase; therefore, the country’s industry will also benefit greatly,” Ngalamira said.
Womeecin Mulanje Farmers Limited Treasurer Robisa Inglis said they have been fully equipped with knowledge on cultivation of the crop and hopes to maximise earnings from the same.
“This ready market provided by USCA has increased our confidence to cultivate cannabis in high volumes. At first, we did not know who would buy our crop when we cultivate it but now we are glad that the buyers are ready to buy us at good prices,” Inglis said.
Industrial and medicinal cannabis was legalised last year after the Cannabis Regulatory Authority was formed.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.