The Chamber of Cannabis Industry has urged government to invest in the cannabis industry as part of its policies to diversify Ghana’s cash crops and generate revenue to support the economy.

The Chamber said Ghana had one of the best climates in the world to cultivate cannabis and that the country had the potential to generate about $1 billion from the $50bn global cannabis market.

Dr Mark Darko, CEO, of the Chamber of Cannabis Industry, made the call at the launch of the Chamber of Cannabis Training Centre and Sky Bridge Pharmaceuticals in Accra.

He said Ghana must leverage its cannabis resource for medicinal and industrial purposes following the passage of the Narcotics Control Commission Bill, 2023 that grants permission for the cultivation of cannabis for industrial purposes.

“One can make not less than $10,000 from just one hectare of cannabis. This is a $50bn industry. If Ghana is able to make at least $1 billion annually from cannabis, you can imagine what that can do for our country. Cannabis will reset Ghana’s economy,” he said.

Dr Darko said the medicinal cannabis sector was a cornerstone to the growth of the sector due to its usefulness in chronic pain management, and epilepsy treatments, among other benefits.

“The United States recorded over $11 billion in medicinal cannabis revenue in 2021, and that’s set to more than double by 2025. Europe, projected to be the largest medicinal cannabis market in the world, is expected to reach $45 billion within the next five years,” he said.

Dr Darko said the Chamber’s Training Centre with support from the Sky Bridge Pharmaceuticals would equip farmers and processors with the tools and techniques to cultivate and process cannabis and hemp sustainably.

He said the Centre would also foster research and innovation to develop products that cater to global markets as well as promote ethical practices.

Dr Samuel Twumasi, Group CEO of Sky Bridge Group, said the company’s decision to invest in the cannabis sector, was intended to produce world-class cannabis-based medicines that met the highest global standards.

He appealed to the Government to expedite the passage of fees for the acquisition of licenses for the cultivation of cannabis to facilitate investments in the sector.

Cannabis, popularly known as marijuana, is a herbal medication made from plants in the Cannabis species that is used to treat a variety of symptoms and diseases, including cancer, chronic pain, and mental disorders.

According to Allied Market Research, the global cannabis market size was valued at $25.7 billion in 2021 and is projected to reach $148.9 billion by 2031.