Fundamental Pillars of Cannabis Market
With the cannabis market discussion steaming up in South Africa, I have been monitoring developments in other countries that have liberalised this plant. South Africa still has a tough road to walk in formulating the proper regulatory system for the entire cannabis value chain. The encouraging part, however, is that various government departments are considering this plant for the Master Plans, that are being drafted, with the hope of stimulating growth.
I have written a bit on this plant but won’t dwell much on my ideas as I have also covered the subject in my upcoming book which will be published by Pan Macmillan in April 2020 (it should be available nationwide and online, I will communicate the exact date for the launch in due time).
What caught my attention this afternoon is an article from New Frontier Data. It spells out Nine Foundational Pillars for establishing the stable and healthy development of a new legal cannabis market. These include; policy, regulation, taxation (South Africa’s Finance Minister seems to be very keen on this, see here), compliance, lab testing, data and reporting, cultivation, and education.
New Frontier Data cautions that “policymakers and regulators who fail to recognize or fully appreciate the why-and-hows for establishing the fundamental elements can not only slow down the development or maturation of a legal cannabis market but ultimately lead to unintended consequences and undesired results, defeating the very purposes of reform and legalization in the first place.” This point is relevant for South Africa as the country is finding its standing in this hazy cannabis world.
Published by: Agricultural Economics today
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