The House Of Representatives is set to legalise the use of cannabis, otherwise known as Indian Hemp, in the country for economic benefit.
The House of Representatives spokesperson, Benjamin Okezie Kalu, disclosed this during a press conference on the benefits and opportunities of cannabis in Akure, Ondo state capital.
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 a date for the stakeholders forum, which will attract participants among scientists, medical and pharmaceutical professionals, farmers, insurance companies, executives, and private sector investors has been slated for June 7 and 8.
He explained that countries such as South Africa and others are currently reaping high revenue from cannabis which they export to other countries.
His words: 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 percent from 2019 to 2026.
According to the consultancy firm Prohibition Partners, by 2023, the value of Africas legal cannabis market could be worth over USD 7.1 billion.
“To enable this process of legalization, I have presented before the House of Representatives, the Dangerous Drugs Act (Amendment) Bill, 2020, which when passed, will usher in a new era of medicinal cannabis from production processing and distribution.
Nigerians must understand that we are not alone in this race to establish a lucrative medical and industrial hemp economy. Based on recommendations by the World Health Organization (WHO), the United Nations (UN) voted to remove Cannabis from schedule IV of the 1961 Single Convention on Narcotic Drugs, and reclassified it as medicinal and therapeutic, on December 2, 2020.
Several countries have legalized medicinal and industrial hemp and other African countries are moving to do the same.
The Special Adviser to the state governor on Agriculture, Akin Olotu, while speaking at the event said the Ondo state government, in conjunction with Culturepreneur Clusters Limited and other partners, will hold a stakeholders roundtable on the benefits and opportunities of the cannabis plant and CBD Oil in Nigeria.
