Business News: Government Unveils R28 Billion Cannabis Industry National Strategy

• The Department of Agriculture, Land Reform and Rural Development has revealed a plan to tap into the cannabis industry estimated to be worth R28 billion
• The national strategy is believed to be a great investment for the country and create over 20 000 employment opportunities
• The department says its strategy is based on research into commercialisation and industrialisation conducted over a period of two years

JOHANNESBURG - The Department of Agriculture, Land Reform and Rural Development has presented a national strategy aimed at monetising the R28 billion cannabis business.

The government's strategy is said to have the potential to create over 25 000 jobs for South Africans and attract foreign investment, according to Fin24.

The plan comes after extensive research was conducted by the department for a period of two years that looked at the industrialisation and monetisation of the cannabis plant. Country's such as Mexico, Canada, the United States of America and China's strategies in relation to the commercialisation of the cannabis plant were studied.

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According to BizNews, the Department of Agriculture believes that tapping into the cannabis industry would help expand the economy. The department has noted that there current restrictions to their plans such as the legal standing of the cannabis plant in South Africa.

The department is also concerned that there there is a potential for major companies to take over the industry and monopolising it. The strategy calls for promoting hemp and marijuana production with uses ranging from medical to food to recreational use.

The department also aims to expand the volume and variety of cannabis produced for domestic and international markets while maintaining an efficient regulatory and legal framework.

Truck carrying R3 million worth of cannabis intercepted by police in KZN, 2 arrested

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In other cannabis-related news, Briefly News reported that police recently intercepted a truck and arrested two people who were transporting R3 million worth of cannabis in northern KwaZulu-Natal. The 1.5 tons of dagga was confiscated after the police received information that the truck would be transporting it, according to SAPS spokesperson Captain Nqobile Gwala.

Gwala stated that the truck was stopped shortly after it was spotted. The vehicle was then searched and police found 33 bales of dry cannabis weighing over 1 500kg. The two suspects will appear in the Louwsburg Magistrate's Court on Wednesday, 25 August.

A report by SABC News stated that Gwala revealed that the cannabis was being transported from uPhongolo to Vryheid. According to Highway Mail, dealing in cannabis is still a criminal offence in South Africa.

Source: Briefly News