Canadian cannabis services company, Globe-Cann Inc., has said the local cannabis industry is growing fairly well and has since rated the legislative infrastructure as significant to the growth of the industry, which is in its infancy stage.
This comes after the Cannabis Regulatory Authority (CRA) recently said over 72 companies and cooperatives acquired licences to cultivate and trade in industrial and medicinal hemp.
In an interview on Friday, Globe-Cann Managing Director for South Africa and partner to Globe-Caan. Travis Griffiths hailed the country’s legislative structures.
He rated the legal provision as vital in eradicating illegal markets and bringing about significant benefits in tax revenue, employment and uplifting the economy.
“I believe it is only a matter of time before we see the impact being felt in the area that this industry can bring,” Griffiths said.
He added that both medicinal and industrial sectors of cannabis have value to bring to the country.
Globe-Cann is a Canadian multinational company comprised of Canadian and international cannabis experts, ranging from regulatory experts to licencing, plant construction and design, operations, processing and medicinal sales.
Earlier this year, President Lazarus Chakwera warned that the country’s leading foreign exchange earner, tobacco, was weakening, and urged stakeholders to switch to high-growth crops like cannabis.
Cannabis was certified in Malawi to be cultivated under regulation for use in the industrial and medicinal areas.
As at April 2021, the media reported that an analysis by Invegrow Limited found that a kilogramme of industrial hemp could fetch $1,444 and that there was potential for direct annual benefit for Malawians in excess of $135,440,973 on 16.5 hectares or $8,803,663 per five hectares.