20 Nov 2024

The government will introduce the cultivation and export of medicinal cannabis and industrial hemp, through legalising and regulating the industry, to diversify the country’s economy and creating jobs.

Delivering a State-of-the-Nation Address in Gaborone on Tuesday, President Advocate Duma Boko said government’s forecast was to significantly increase the country’s Gross Domestic Product with cannabis and hemp related products.

“We will create jobs in this industry. This will facilitate the innovative use of hemp-based materials, like hemp crete, hemp bricks and hemp fibre panels,” he said.

This, he said would push for the diversification of the country’s economy by significantly reducing the country’s dependency on imported construction materials and lower overall building costs.

According to the global statistics, President Boko said the cannabis market size was valued at US$43.72 billion (more than P595.54 billion) in 2022 and was projected to grow from US$57.18 billion (more than P778.52 billion) in 2023 to US$444.34 billion (more than P6 053.34 billion) by 2030, exhibiting a Compound Annual Growth Rate of 34.03 per cent during the forecast period.

“North America dominated the global market with a share of 81.79 per cent in 2022,” he added. Ends