The business potential is huge for the continent. This offer, without any variance of turning is simply irresistible.
Cannabis Consumption in Africa is growing so fast, yet still regarded as illegal in most countries on the continent. Hypocrisy is failing to convert a well consumed commodity for greater economic gains when in fact, it is always out there through black market. In a recently released report,
indicates that there are 83 million annual Cannabis consumer on the continent. According to the New Frontier Data, the 2018 global market value of Cannabis I its legal and illicit forms stands at $344.4b. Africa’s Cannabis Market Value is $37.3b, making 11% of the global market. The report also revealed that out of 263 million annual Cannabis consumers worldwide, 83 million representing 32% live in Africa. Another report reveals that by 2023, Cannabis market will hover above $USD7b
Here are 10 of Africa’s biggest Cannabis Consumer Markets in Africa;
With a population slightly above 200 million, the West African country is first on the list with $15.3b annual market value. With a GDP of $364b and over reliance on oil, the most populous African country can easily boost revenue and fund its weak budget by simply tapping into this new ‘oil’.
$9.6 billion is a whooping sum for a country whose economic development like many other countries on the continent has been largely driven by Chinese hand outs.
3. Morrocco – $3.5b
The country’s fiscal deficit is expected to decline to 3.3% of GDP in 2018 in line with the government’s commitment to bring down the deficit to 3% of GDP by 2019-2021 and to reduce public debt to 60% of GDP by 2021. Its strategic location makes Morrocco a gateway for the Cannabis market to Europe.
4. Angola – $1.7b
Cannabis is also illegal in Angola but the drug is locally referred to as diamba. Authorities often deem the industry as insignificant but latest figures reveal that illegal activities cost a fortune for the highly indebted African country.
5. Cameroon – $1.5b
Cameroon’s Anti-drug National Committee (CNLD) released statistics on narcotic consumption in the country, showing that 21% of the population have already tried a hard drug. 10% are frequent consumers including 60% young people aged 20-25.
Most demanded products include cannabis (58.54%), which is very often associated with tobacco, tramadol (44.62%) and cocaine (12.10%).
6. South Africa – $1.2b
South Africa would be one of the highest value markets in Africa for cannabis by 2023, should it fully legalise production and distribution for both medical and recreational use. South Africa is the third country in Africa to legalise the growth of medical cannabis, after Lesotho in September 2017, and Zimbabwe in April 2018
7. Kenya – $728m
Although a large junk of Cannabis are smuggled to the country from neighboring countries, within Kenya, there’s a city called Korogocho, for wholesale market for cannabis. Here, hundreds of stones of cannabis, popularly known as bhang, are concealed in bags containing farm produce to avoid detection.
8. DRC – $635m
60 percent of famers in parts of eastern Congo’s Kivu region and 90 percent in some locations — grow at least some cannabis. “Everyone except the priests,” is how one Congolese village priest described the prevalence of marijuana farming. Farmers can’t receive international aid to grow an illegal crop. It also leaves them vulnerable to harassment from corrupt police officials.
9. Algeria – $506m
In fact, the coastline between Casablanca and Algiers gives drug traffickers direct access to European consumer markets. Unfortunately, alcohol, a much more harmful substance, is openly sold in Algeria and other muslim countries, it is hypocritical to single out cannabis as the devil in chief when research has proven, time and time again, that alcohol is a much more devastating substance for public health.
10. Egypt – $333m
Cannabis in Egypt is relatively cheap. Prices can depend heavily on your nationality. If you are not being taken advantage of you should expect to pay around 5USD for ten grams of good. Because they hold the value of alcohol over the value of cannabis some may be willing to barter or trade.
Source: African Exponent.