Rabat – Morocco could capture a 10-15% share of the European market, translating into significant revenue gains for the country, according to Mohamed El Bouhmadi, president of the Moroccan Federation of the Pharmaceutical Industry and Innovation (FMIIP).
Speaking to a report from Le360, El Bouhmadi highlighted the economic potential of this emerging sector during a workshop on the medicinal benefits of cannabis. The country’s medical cannabis industry is expected to generate annual revenues between MAD 4.2 to 6.3 billion ($420 million to $630 million) by 2028.
The workshop, organized by the FMIIP, showcased the substantial economic opportunities that the medical cannabis industry offers.
“We are fully capable of achieving this, especially given the efforts made by the National Agency for the Regulation of Cannabis Activities (ANRAC), the Directorate of Medicines and Pharmacy (DMP), and industry professionals,” El Bouhmadi told Le360.
He noted the recent publication of regulatory guidelines by the Minister of Health and Social Protection, which set forth the requirements for registering cannabis-based medicines, dietary supplements, and cosmetics.
The landmark Law No. 13-21, which governs the lawful use of cannabis for medical purposes, represents a significant opportunity for investment and improving the livelihoods of those involved in cannabis cultivation.
With the law’s implementation, Morocco has authorized the licensed cultivation, processing, and sale of cannabis, opening new avenues for both the pharmaceutical industry and agriculture.
El Bouhmadi pointed out the diverse applications of hemp, from thermal insulation materials in construction to cosmetics and CBD oil-based food products. Hemp can also be used in eco-friendly textiles, papermaking, and chemistry. In light of global raw material shortages, hemp could become a new growth driver for various industries.
Morocco is well-positioned to become a key player in the European medical cannabis market, thanks to its robust regulatory framework. These initiatives promise not only significant economic benefits but also advances in public health.
“Medical cannabis is emerging as a new hope in the health field,” El Bouhmadi said. “It offers a wide range of therapeutic virtues and brings a new dimension to patient care, providing alternative and complementary solutions to conventional treatments.”
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