MEDICINAL cannabis is forecast to rake in a revenue of $44billion globally this year and Fiji wants a piece of this.
Speaking at a Medicinal Cannabis Training course at Suvavou House in Suva on Wednesday, Ministry of Trade permanent secretary Shaheen Ali said there has been a notable shift in the global perception of cannabis as more countries acknowledge the therapeutic potential of medicinal cannabis and the economic opportunity it presents.
“The medicinal cannabis market is expected to witness significant growth worldwide, with projected revenue reaching $US19.57bn ($F44.5b) by 2024,” Mr Ali said.
“In Australia and Oceania region, the market is forecasted to achieve a revenue of $US362.7 million ($F825.4m) by 2024.
We, as a country, have a chance of growing this figure and contributing more from the Oceania region.”
Fiji’s foray into the lucrative medicinal cannabis market is progressing with the setting up of a task force in August last year, followed by a nationwide public consultation that ended in November.
The Government has high hopes that Fiji’s very own medicinal marijuana industry will help bolster the economy’s weakened primary commodity export base.
“This new industry has the potential to contribute to the Government’s economic diversification goals and create jobs and new exports.
“But we want the right policies and strategies and legal framework to ensure long-term viability and sustainability,” Mr Ali said.
The German online data platform Statista, from where the figures were derived, stated the projection was based on an expected annual growth rate (CAGR 2024-2029) of 4.56 per cent, which would lead to a (global) market volume of $US21.65bn ($F49.27b) by 2029.”
“Among the global market, the United States is expected to generate the highest revenue, reaching $US14,530.00m ($F33b) in 2024,” it stated. “Australia is experiencing a surge in medicinal cannabis research and development, positioning itself as a leader in the industry in the Oceania region.”
