LONDON, March 21, 2019
LONDON, March 21, 2019 /PRNewswire/ -- Africa's legal cannabis industry could be worth more than $US 7.1 billion annually by 2023 if legislation is introduced in a number of the continent's major markets, European-based market intelligence and strategic consultancy firm Prohibition Partners has found in its latest report, released today.
The African Cannabis Report™ - the first detailed report on the legal cannabis industry in Africa, finds that the continent could reap significant rewards through the legalisation of cannabis. The report includes detailed market value forecasts, regulatory timeline analysis, consumption data and healthcare analyses for nine key markets, including Lesotho, South Africa and Zimbabwe.
Key findings of the report include:
Ahead of the launch of the report, Daragh Anglim, Managing Director at Prohibition Partners, explained:
"A regulated legal cannabis market could be transformative to patients, farmers and economies across Africa. From a financial standpoint, Africa could reap significant rewards through the legalisation of cannabis, with international demand offering a strong commercial opportunity for cannabis cultivation.
"Despite moves to legalise in several key markets, cannabis remains illegal across vast swathes of the continent as the great majority of African governments have yet to follow the trend of legalisation that is sweeping across Europe, North America and Latin America.
"It is currently estimated that 38,000 tonnes of illegal cannabis is produced across Africa each year, with a market value of billions of dollars. This demonstrates the clear potential for an economic boom for African countries that actively seek to legalise and regulate their cannabis market."
The report will be published on 21/03/2019, and can be downloaded on Prohibition Partner's website www.prohibitionpartners.com.
About Prohibition Partners
Within two years, we have become the world's leading provider of market insights and strategic consultancy for this emerging frontier.
We firmly believe that data, insights and education will unlock the societal and commercial potential of cannabis.
Our research and content teams routinely share the latest legislative developments and key trends in the industry - information that is regularly cited by political leaders, investment banks and Fortune 500 companies.
Our consultancy team works with investors, operators and regulators to identify and execute opportunities across multiple jurisdictions. We advise our private clients on licensing, regulatory and business opportunities.