Here’s the press release in full
New Frontier Data, the authority in data, analytics, and business intelligence for the global cannabis industry, just made public its Zimbabwe hemp and cannabis cultivation study, Hemp Cultivation in Africa: Zimbabwe – A Case Study (2019), presented to the Zimbabwean government in May of 2019, ahead of Zimbabwe’s hemp legalization announcement at Victoria Falls’ New Frontier Data-led InterCannAlliance event.
“Hemp cultivation, especially given the explosive demand arising from neighboring European nations, presents a unique opportunity to Zimbabwe and other African nations well positioned to meet such demand cheaper, and possibly faster, than current suppliers from Canada and Latin America.”
The study, the second part of a series, examines the risks and opportunities in an emerging Zimbabwe hemp industry. New Frontier Data is looking to partner with other African nations and deliver similar market assessments and implementation studies, fostering responsible practices and clear understanding of potential socioeconomic impacts of hemp and/or cannabis legalization in traditionally agro-based Sub-Saharan economies.
“Agro-based Sub-Saharan nations, many of which, like Zimbabwe, primarily produce tobacco for Chinese consumption, are facing declining demand, which could cripple their economies within the next decade. Leaderships such as that of Zimbabwe are smart to be thinking ahead and exploring other crops presenting minimum transition cost and rising demand,” noted Giadha Aguirre de Carcer, New Frontier Data Founder and CEO. “Hemp cultivation, especially given the explosive demand arising from neighboring European nations, presents a unique opportunity to Zimbabwe and other African nations well positioned to meet such demand cheaper, and possibly faster, than current suppliers from Canada and Latin America.”
Following the New Frontier Data-led InterCannAlliance Africa event in May 2019, Zimbabwe Minister of Justice Ziyambi Ziyambi announced his cabinet’s interest and plan to develop a regulated cannabis framework.
Some key findings from the study include:
- Combined tax revenues from domestic sales and exports over a five-year period could reach nearly $19 million
- Based on prevailing rates of cannabis use, there are more than 1 million consumers in Zimbabwe who collectively spend over $200 million each year on cannabis
- Cannabis and hemp cultivation can reinvigorate the agricultural sector, highway systems, and overall population wellness and healthcare
Learn more about New Frontier Data’s research on the Zimbabwe hemp and cannabis market here: http://newfrontierdata.com/ZimbabweCaseStudy