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House of Reps set to legalise the use of Indian hemp for economic benefits — Spokesperson

Published by on May 18th, 2021.



The House of Representatives is set to legalise the use of Indian Hemp in the country for economic benefit.
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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.
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Kalu said that the House of Representatives has concluded an arrangement to organize a two-day stakeholders roundtable on the benefits of the weed.
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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.
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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.
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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.
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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.”

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