On Thursday evening, President Cyril Ramaphosa pledged that South Africa will ‘harness’ the economic benefits of the cannabis business during his State of the Nation Address for 2022.
According to Ramaphosa, the country’s cannabis cultivation will soon be industrialized, with the government hoping to ‘harness’ the economic benefits.
The Eastern Cape and KwaZulu-Natal provinces have also been chosen as good real estate to kick off efforts to capitalise on products that have proven profitable in neighboring Lesotho, according to the President.
“Industrial hemp and cannabis will have a pathway to industrialisation for the creation of jobs at farms in the Eastern Cape and KwaZulu-Natal, with production for a number of purposes.”
President Cyril Ramaphosa
Following the COVID-19 pandemic, Ramaphosa underlined economic growth as a critical concern in South Africa. During his speech, Ramaphosa announced the end of the State of Disaster and promised “far-reaching” reform in the country.
“While structural reforms are necessary for us to revive economic growth, they are not enough on their own. This year, we are undertaking far-reaching measures to unleash the potential of small businesses, micro businesses and informal businesses.”
President Cyril Ramaphosa
For those wondering about the legal issues involved in relation to cannabis, which has stalled since the Constitutional Court ruling decriminalising the substance, Ramaphosa provided some insight into the matter.
The President confirmed that the government intends to focus on relaxing and reviewing policy that hinders growth in this regard. The politician joked that the aim with this is to ensure economic benefits beyond simply that of ‘smoking’ the product.
“We will review the policy and regulatory framework for industrial hemp and cannabis to realise the huge potential for investment and job creation.”
President Cyril Ramaphosa
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