Nigerian Government Sets Up Stakeholders Meeting To Aid Marijuana Legalization

It’s safe to say Nigerians are currently going through the worst government they’ve ever faced but maybe the government might get one thing right before Buhari leaves office (he’s failed at everything else).

Yesterday, The House Of Representatives are on course to legalise the use of Marijuana in the country, they say it’ll be beneficial to the economic growth. for economic benefit.

Spokesperson of the House of Representatives, Hon. Benjamin Okezie Kalu said during a press conference 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 stakeholder’s 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.

The workshop is aimed at furthering legislation, scientific research and sensitization on the health, industrial benefits of cannabis and CBD oil as well as engaging stakeholders at all levels to leverage the multi-faceted value chain of cannabis.

Kalu believes other legalzing Weed will bring a munch needed capital for the nation, as the world increasingly shifts towards renewable energy and climate-friendly energy sources, global oil demand will further drop. Oil dependentent countries like Nigeria need to diversify their revenue stream.

Nigeria has been described as oil-dependent and not oil-rich. It is a worrying reality that we have not optimized the financial stability advantage that our oil reserves can provide us to diversify our collective investment and revenue sources. The coronavirus pandemic exposed our weaknesses when global oil prices plummeted by as much as 15 per cent even falling below $0 a barrel on 20 April 2020. 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. “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.

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. “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.

The Special Adviser to the state governor on Agriculture, Mr 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. Olotu pointed out that the discussion will focus on research, legalisation, licensing, medical advantages, agro-economy advantages, empowerment, benefits of Internal Generated Revenues, Trade Exchange benefits.

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