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Rabat – Experts at a Moroccan workshop held today on the medical use of cannabis said the industry could help Morocco generate an annual revenue between MAD 4.2 ($421.8 million) to MAD 6.3 billion ($632.7 million) annually by 2028.
Mohamed El Bouhmadi, the President of the Moroccan Federation of Pharmaceutical Industry and Innovation, which organized the workshop, emphasized the potential of the industry in boosting the Moroccan economy. He noted that the just recently legalized cannabis production industry can hit this projected yearly revenue if Morocco manages to achieve a European market share between 10 and 15 %.
“We are fully capable of this especially after the efforts made by the National Agency for the Regulation of Cannabis-Related Activities (ANRAC), the Directorate of medicines and Pharmacy (DMP), and industry professionals,” the news website Le360 quoted El Bouhmadi as saying.
He brought up Morocco’s decision to legalize cannabis or medical use, saying that the law represents a real opportunity for the development of investments around the production of cannabis and the improvement of living conditions for the population engaged in this particular industry.
“Morocco has given the green light to the cultivation, transformation, and sale of cannabis under license, thus opening up new horizons for the pharmaceutical industry and agriculture,” the expert said.
In April last year, the Moroccan National Agency for Regulating Activities Related to Cannabis (ANRAC) issued 2,905 authorizations for legal cannabis production.
About 2,737 permits were granted to 2,637 farmers in the regions of Taounate, Chefchaouen, and Al Hoceima for the cultivation and production of legal cannabis, a significant increase from the 430 authorizations granted last year.
ANRAC also issued 168 authorizations to 61 operators in the pharmaceutical field, in addition to 16 cooperatives, 37 companies, and seven individuals.
Morocco adopted Law 13-21 on the legal use of cannabis in 2021, positioning itself among a growing list of African countries that are approving the use of cannabis for therapeutic purposes.
