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Could Africa Be The Next Big Cannabis Market?

Could Africa Be The Next Big Cannabis Market?

Canada is leading the way in the cannabis industry. With marijuana legalization happening being voted on this summer, Canada is embracing the business of pot. The Globe and Mail report that Supreme Cannabis Co. (TSX-V:FIRE) “has invested $10 million in a Lesotho company, with the aim of exporting high-quality cannabis oil to Canada and other

Canada is leading the way in the cannabis industry. With marijuana legalization happening being voted on this summer, Canada is embracing the business of pot.

The Globe and Mail report that Supreme Cannabis Co. (TSX-V:FIRE) “has invested $10 million in a Lesotho company, with the aim of exporting high-quality cannabis oil to Canada and other markets.” Other Canadian companies are also eyeing Africa as a cannabis partner. The same article reports that “Canadian investors are scouting for 10,000 hectares of land for marijuana farming in the Mashonaland region” of Zimbabwe.

Like other countries entering the cannabis industry, Lesotho is eyeing the possible financial windfall that could accompany the crop —something which is sorely needed in a country with a high poverty rate. Other African nations are contemplating legalization as well. According to Quartz Africa Malawi is taking the same approach to cannabis as Lesotho. They too have a thriving black market and view legalization as a path for the country to generate additional revenue.

One African nation has gone one step further with the marijuana industry. Earlier this month, South Africa opened its first dispensary. Canna Culture is a Durban-based dispensary that features Dr. Kyle Deutsch, musician, and former Idol SA contestant, as the in-house chiropractor.

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