The House of Representatives is set to legalise the use of Indian Hemp in the country for economic benefit.
Spokesperson of the House of Representatives, Hon. Benjamin Okezie Kalu said this during a press conference on the benefits and opportunities of Cannabis in Akure, Ondo state.
Kalu said that the House of Representatives has concluded an arrangement to organize a two-day stakeholders roundtable on the benefits of the weed.
According to him, “Agriculture has always been a major strength of Nigeria and cannabis provides interesting prospects. Industrial hemp is a variety of the Cannabis sativa plant species that is grown specifically for industrial use.
Once harvested, the crop has a high yield of edible proteins and fibres with more than 50,000 product applications ranging from papermaking, textiles, biodegradable plastics, fuel, construction, healthy food, beverages, personal care products, and pharmaceuticals.
According to verified market research, the Global Industrial Hemp Market was valued at USD 5 Billion in 2019 and is projected to reach USD 36 Billion by 2026, growing at a CAGR of 34 per cent from 2019 to 2026.
According to the consultancy firm Prohibition Partners, by 2023, the value of Africa’s legal cannabis market could be worth over USD 7.1 billion. For this to happen, a candid discourse must be held by all stakeholders on the modalities for legalization, licensing, and regulation of the industry.”