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Rabat – Morocco’s Ministry of Interior developed a study, showing the country’s interest to prioritize the European market in terms of the supply of medical cannabis.
The ministry presented a feasibility study on Tuesday, to the Committee for the Interior, Local Authorities, and Urban Policy in the House of Representatives, showing that the annual net income from cannabis for medical use could reach MAD 110,000 ($12,316) per hectare.
The study stipulates that the annual net income represents an improvement of 40% compared to the current numbers.
The study also outlines the expectations of the share of Moroccan production in the European market. The document provided the House of Representatives Interior committee with two predictions regarding the targets of Moroccan exports of cannabis for legal use in Europe by 2028.
The first proposes 10 % of the medicinal cannabis market ($4.2 billion out of a total of $42 billion).
The second prediction concerns 15% of the market or around $6.3 billion and agricultural revenues of $630 million.
The Moroccan cannabis product for medical use will target the European market mainly due to the ease of penetration and the factors linked to trend forecasts in consumption, as well as the volume of imports.
The priority of Moroccan medical cannabis are Spain, the Netherlands, the UK, and Germany, with forecasts of $25 billion per year by 2028, the study shows.
Read Also: Minister: Morocco’s Legal Cannabis Bill to Boost Farmers’ Income
The interior document added that the French and Italian markets will increase the volume of the potential market by $17 billion to reach $42 billion.
Morocco adopted bill 13-21 on March 11. The adoption allowed Morocco to become among the first African countries to permit the use of cannabis for medical and therapeutic purposes.
The Interior Ministry said that the bill will benefit farmers, emphasizing that it will improve their incomes. The ministry argued that the bill will be able to create “promising and stable job opportunities.”
For the ministry, the legal use of cannabis also seeks to reduce the negative repercussions caused by the spread of illicit cultivation and will also help reduce the “destructive effects” on the environment with regard to deforestation, including the burning of forests.
