Zimbabwe $1.25 Billion Plan Sees Cannabis as Biggest Cash Crop

cannabis buds

Zimbabwe sees export earnings from cannabis outstripping those of tobacco by almost three times after last year legalizing the cultivation of the plant for medicinal use.


Zimbabwe announces rules for growing cannabis to boost revenue

Zimbabwe has announced the rules for growing cannabis, as the country seeks to boost foreign currency revenue and benefit from the rapidly growing industry.

Anxious Masuka, the agriculture minister, under regulations published in a government gazette said three types of permits can be issued for growers, researchers and industrial hemp merchants.

Growers are only allowed to cultivate, market and sell industrial hemp and researchers may cultivate for research purposes. A merchant can contract individual farmers, procure and process industrial hemp into a specified product.

Prior to the new rule people found growing cannabis in Zimbabwe were liable to a jail term of up to 12-years.


$40k+ Will Buy You a License to Grow Cannabis in Zimbabwe

As Africa’s second country to change its laws about cannabis cultivation in order to enter the growing global medical marijuana industry, Zimbabwe is setting up to be one of the world’s largest hubs for production of all kinds of cannabis products.

It’s no secret that African countries have woken up quickly to the rapidly growing cannabis industry with a focus on medicinal products. In a matter of just a few years, countries that have for nearly a century held laws completely prohibiting the cannabis plant in all ways, practically overnight opened up their countries to legally cultivate cannabis commercially.


Zimbabwe grants full farm ownership to cannabis investors

Following the legalization of cannabis in Zimbabwe, the government has granted approval for all local and foreign cannabis investors to fully own farms and licenses. The decision, which comes after a high-level meeting by the cabinet, is meant to improve competitiveness.

In 2018, Zimbabwe approved the production of marijuana for solely medicinal and scientific purposes after plenty of deliberation, thus becoming the second African country to legalize its use after Lesotho.

Last year, the government announced that 37 local and private investors had shown interest in cannabis farming, in addition to more than 150 foreign and local investors who had indicated interest.


Zimbabwe harvests first marijuana crop

ZIMBABWE has begun harvesting its first crop of legally cultivated industrial hemp after it decriminalised cannabis in 2018 to tap into the multi-billion-dollar industry.

Last year, the Zimbabwe Industrial Hemp Trust (ZIHT) planted five varieties of European industrial cannabis on a 10-hectare plot at Harare Central Prison.

Preliminary results show that of the five varieties planted, only two performed well, with poor rains and high temperatures being blamed.

The results also showed that the crops grew and budded quicker than anticipated.

ZIHT founder Dr Zorodzai Maroveke said they are now testing the varieties around the country.


Zimbabwe can rake in US$19m from cannabis

Zimbabwe can rake in US$19 million in tax revenues and create between 60 000 and 90 000 jobs over a five year period from the production of medical cannabis and industrial hemp, a new report says.

According to research by New Frontier Data titled Hemp Cultivation in Africa: Zimbabwe Case Study 2019 released recently, the country stands to benefit economically from regulated cultivation of cannabis.

“Although Zimbabwe has deployed a limited medical cannabis programme, the country is looking closely at how to create a more robust and expansive regulated system,” the report says.

“Following the full implementation and activation of a regulated cannabis market, both taxes and employment would increase.”


Why cannabis legalization in other parts of the world could be bad news for North American pot stocks

Cannabis legalization is generally good news for the industry and companies looking to expand into other parts of the world. However, that's not necessarily always the case, as it also creates opportunities for those countries to start becoming exporters of cannabis themselves, and they could end up competing head-to-head with large North American producers. Canada-based Aurora Cannabis (NYSE:ACB) prides itself on its global presence, and according to its website, it has a footprint in 25 countries and has 15 global production facilities. 


Europe could lose more ground in the medicinal cannabis industry

Europe is at risk of losing the market share to Africa in the medicinal cannabis industry, and Eco Equity have spotted the global potential.

There is a reluctance by some European policy and law makers to embrace the economic potential of medicinal cannabis and as a result they are seeing opportunities lost to more progressive markets. Europe could lose more ground following Lesotho and Zimbabwe’s decisions to allow cultivation of medicinal cannabis for mass export.


Zimbabwe to repeal cannabis Laws; aims to export crop

Zimbabwe will repeal laws banning the cultivation of cannabis as the country seeks to boost export revenue and offset the global campaign against tobacco, a major source of foreign currency, Information Minister Monica Mutsvangwa said.

The emphasis will be on industrial hemp, which is also illegal, and medicinal cannabis that “will take a long time to set up structures,” Mutsvangwa told reporters in capital, Harare. “The crop can be a good substitute to the leading export crop, tobacco, which is at risk of being banned globally.”

The southern African nation has also secured 400 megawatts of power from Eskom Holdings SOC Ltd. and will make weekly payments to settle outstanding debt with South Africa’s state-owned utility, she said.


World’s top cannabis business leaders to gather in South Africa

NAIROBI, KENYA: As the global medical cannabis market continues to expand and increasing numbers of countries around the globe legalise its use, the renowned CannaTech Summit will take place for the first time on the African Continent in Cape Town, South Africa, November 24 – 26.

With estimates that the cannabis and associated products market could be worth R27 billion by 2023, this immense potential has led to a boom in regional cannabis interest and investment.


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