Africa’s Largest Cannabis Consumer Markets
May 26, 2019Look Beyond the Valuation of a Cannabis Business to Create a Valuable Relationship
June 1, 2019
- The first African country to legalize medical cannabis was Lesotho, in 2017. South Africa is expected as the first to formally legalize adult use since its Constitutional Court last year ruled that personal cultivation and private use of cannabis are constitutionally protected.
- Nigeria, Ethiopia, and Morocco led the continent’s markets, respectively valued at $15.3 billion, $9.8 billion, and $3.5 billion apiece.
- Nigeria has the highest annual-use rate among its population (19.4%) of any nation worldwide.
- Attracting foreign investment in Africa’s respective markets will not be a challenge, but stakeholders will do well to carefully consider the nature and extent of foreign participation in the industry.
