Cannabis Farming: The Billion-dollar Industry

802

As Nigerian authorities continue to live in self-denial about the booming local Indian hemp industry, other countries of the world have started to see the economic potential of this psychoactive drug. Last April, a Ugandan producer consummated deals to export $160 million worth of cannabis to pharmacy chains in Canada and Germany.

In fact, an Israeli firm, Together, has set up a business called ‘Industrial Hemp Uganda Ltd’ in partnership with local Ugandan businessmen. Two months ago, Industrial Hemp received 20,000 orders from pharmacies in Canada and Uganda.

“We signed annual supply contracts with pharmacies in Canada to the tune of $100 million and €58 million for Germany,” the company has said. “The current contracts run for 10 years, but along the way, we shall expand to satisfy future demands.” This is happening even though cannabis is illegal in Uganda and Together is opening an export-focused cannabis cultivation facility there and coordinating with regulatory bodies. As of April, the Ugandan authorities had received applications from 14 different companies that want to cultivate cannabis and export it, which is legal under

Ga naar Bron