Zimbabwe sees export earnings from cannabis outstripping these of tobacco by nearly 3 times after final 12 months legalising the cultivation of the plant for medicinal use.
The authorities has issued 44 licenses since September when it introduced guidelines for rising cannabis, and gross sales are forecast to succeed in $1.25 billion in 2021, Treasury spokesman Clive Mphambela mentioned by cellphone Monday. Thirty producers “are ready and some were doing test production,” Mphambela mentioned. He declined to touch upon shares of cannabis obtainable for export.
Tobacco is the southern African nation’s biggest agricultural export and earned $444 million from the 2020 advertising season that closed in August, based on the Tobacco Industry and Marketing Board.
John Robertson, an impartial economist based mostly in Harare, mentioned the projections had been formidable. “It’s a massive over-estimate and ignores that cannabis is grown in many markets outside of Zimbabwe,” he mentioned by cellphone.
“It’s sold in grams, not in kilograms or tons, so there will be disappointment,” Robertson mentioned. “The only enthusiasm will be from producers, but massive supply globally will depress prices.”
South Africa, Malawi, Zambia and Lesotho have additionally…
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