Morocco's Burgeoning Cannabis Industry: A Budding Economic Opportunity

Saturday 18 May 2024 - 12:20

In a recent workshop focusing on the medical use of cannabis, experts revealed that Morocco's newly legalized cannabis production industry could contribute a staggering annual revenue ranging from $421.8 million to $632.7 million by the year 2028. This projection, shared by Mohamed El Bouhmadi, the President of the Moroccan Federation of Pharmaceutical Industry and Innovation, highlights the remarkable potential of this industry to bolster the nation's economy.

As of April 23, Morocco had issued an impressive 2,905 authorizations for legal cannabis production, signaling the country's commitment to capitalizing on this emerging market. El Bouhmadi emphasized that achieving a European market share of 10 to 15 percent would be crucial in attaining the projected annual revenue figures.

"We are fully capable of this, especially after the efforts made by the National Agency for the Regulation of Cannabis-Related Activities (ANRAC), the Directorate of Medicines and Pharmacy (DMP), and industry professionals," El Bouhmadi stated, as quoted by the news website Le360.

Morocco's decision to legalize cannabis for medical use has been hailed as a significant opportunity for investment and economic development. El Bouhmadi noted that the law paves the way for the production of cannabis, as well as the improvement of living conditions for those engaged in this emerging industry.

"Morocco has given the green light to the cultivation, transformation, and sale of cannabis under license, thus opening up new horizons for the pharmaceutical industry and agriculture," he remarked.

Last April, the Moroccan National Agency for Regulating Activities Related to Cannabis (ANRAC) issued a remarkable 2,905 authorizations for legal cannabis production. Of these, 2,737 permits were granted to 2,637 farmers in the regions of Taounate, Chefchaouen, and Al Hoceima for the cultivation and production of legal cannabis, a significant increase from the 430 authorizations granted the previous year.

Furthermore, ANRAC issued 168 authorizations to 61 operators in the pharmaceutical field, along with 16 cooperatives, 37 companies, and seven individuals.

Morocco's adoption of Law 13-21 on the legal use of cannabis in 2021 positioned the country among a growing list of African nations approving the use of cannabis for therapeutic purposes. With the right strategies and market penetration, Morocco's nascent cannabis industry could blossom into a formidable economic force, contributing substantially to the nation's prosperity.