The Chamber of Cannabis Industry has urged the government to invest in the cannabis sector, highlighting its lucrative potential to generate substantial revenue. This call for investment aligns with the government's reset agenda and aims to diversify Ghana's cash crops, ultimately supporting the nation's economy.

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Speaking at the launch of the Chamber of Cannabis Training Centre and Sky Bridge Pharmaceuticals in Accra on January 21, Dr. Mark Darko, Chief Executive Officer of the Chamber, emphasized that Ghana boasts one of the best climates globally for cultivating cannabis. He revealed that the global cannabis market, valued at $50 billion, offers Ghana an opportunity to generate up to $1 billion annually.

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“One can make no less than $10,000 from just one hectare of cannabis. This is a $50 billion industry. If Ghana is able to generate at least $1 billion annually from cannabis, you can imagine what that could do for our country. Cannabis has the potential to reset Ghana’s economy,” he said.

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Dr. Darko also encouraged the government to explore cannabis for medicinal and industrial purposes, following the approval of the Narcotics Control Commission Bill, 2023, which permits industrial cannabis cultivation. He pointed out that medicinal cannabis is vital for the sector's growth, citing its benefits in managing chronic pain, treating epilepsy, and addressing other health conditions.

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

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In addition to this, Dr. Darko highlighted the role of the Chamber’s Training Centre, supported by Sky Bridge Pharmaceuticals, in equipping farmers and processors with sustainable cultivation and processing techniques for cannabis and hemp. The Centre will also encourage research and innovation to create products for global markets while promoting ethical practices.

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Dr. Samuel Twumasi, Group CEO of Sky Bridge Group, elaborated on their investment in the cannabis sector, aiming to produce high-quality, cannabis-based medicines that meet international standards. He urged the government to expedite the approval of fees and charges for cannabis cultivation licenses to foster further investment in the sector.

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Cannabis, also known as marijuana, is a herbal medicine derived from Cannabis plants. It is used to treat a variety of symptoms and conditions, including cancer, chronic pain, and mental disorders.

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

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