Browsing: Council for Scientific and Industrial Research

By 2023, the value of Africa’s legal cannabis market could be at least US$7.1bn across nine key African countries if they legalize recreational and medical use, according to The African Cannabis Report from industry analysts Prohibition Partners. Worldwide, the Covid-19 lockdown period saw record-breaking sales of cannabis in multiple regions. Global sales of CBD (an active cannabis ingredient frequently used as a natural remedy), medical cannabis, and adult-use (recreational) cannabis topped US$37.4bn in 2021, and could rise to US$102bn by 2026, says the firm.

According to African Business, natural and situational advantages have attracted investor interest in Southern Africa. In mid-March, Akanda, a London-headquartered firm that owns the Bophelo Bioscience & Wellness cultivation campus in Lesotho, announced the completion of its initial public offering of 4m shares on the Nasdaq Capital Market.

Cannabis Business Africa, in an article published as far as February 13, 2021, said SilverLeaf Investments is aiming to be of service in addressing the gap that exists between the industry’s potential and its current funding deficit.