Speaking at the CannaTech conference in Cape Town on Monday, Warren Schewitz, chief executive of Southern Sun Pharma - a South African cannabis company focused on cultivating, processing and distributing strains and related products across the continent - said: “The recent report by Prohibition Partners estimated it to be a $7.2bn per year market in Africa. I think out of this, South Africa’s share of the market was estimated to be about $2.5bn a year.”
The main theme of the conference is the exploitation of Africa’s large-scale cannabis-growing potential for local and international export markets.
Meanwhile, the continent’s unregulated market is estimated to be worth upwards of $10bn.
According to data collected by Prohibition Partners (the foremost consultants for independent data and intelligence on the world cannabis market): “Five of the world’s top 30 countries for cannabis prevalence among adult populations are in Africa.”