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Home Business Cannabis Industry Chamber Urges Government Investment to Boost Ghana’s Economy

Cannabis Industry Chamber Urges Government Investment to Boost Ghana’s Economy

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The Chamber of Cannabis Industry has called on the Ghanaian government to invest in the burgeoning cannabis sector as part of efforts to diversify the country’s cash crops and enhance revenue generation.

Mark Darko, the CEO of the Chamber, highlighted the significant economic potential of cannabis, pointing out that Ghana’s favorable climate makes it an ideal location for cultivating the crop. With the global cannabis market valued at $50 billion, Darko believes Ghana could generate up to $1 billion annually from this lucrative industry.

Speaking at the launch of the Chamber’s Training Centre and Sky Bridge Pharmaceuticals in Accra, Darko stressed the importance of leveraging cannabis for both medicinal and industrial purposes, especially following the passage of the Narcotics Control Commission Bill, 2023, which legalized the cultivation of cannabis for industrial use. He emphasized that a single hectare of cannabis could yield at least $10,000, underscoring the vast financial potential of this sector.

The medicinal cannabis market, in particular, is seen as a cornerstone for growth, with the US having generated over $11 billion in 2021 alone. Europe, predicted to become the world’s largest medicinal cannabis market, is projected to reach $45 billion in the next five years. Darko also noted the potential for cannabis to play a pivotal role in treating chronic pain, epilepsy, and other ailments.

To further develop the sector, the Chamber has partnered with Sky Bridge Pharmaceuticals to establish a training centre that will equip farmers and processors with the necessary skills to cultivate and process cannabis sustainably. The Centre will also support research and innovation to create products for global markets while promoting ethical industry practices.

Samuel Twumasi, CEO of Sky Bridge Group, emphasized the company’s commitment to producing world-class cannabis-based medicines, adhering to the highest global standards. Twumasi urged the government to expedite the finalization of licensing fees and charges, which would encourage investment and facilitate the growth of the sector.

With the global cannabis market expected to reach $148.9 billion by 2031, the Chamber is optimistic that Ghana’s cannabis industry can be a transformative force for the nation’s economy.

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