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Rabat- Morocco is aspiring to continue growing its legalized cannabis industry, targeting both local and European markets.
French news outlet Le Monde highlighted in a report this week Morocco’s potential to achieve a European market share of 10% to 15%.
Citing remarks by the Moroccan Federation of the Pharmaceutical Industry, Le Monde recalled that the country hopes to reach annual revenues of MAD 4.2 to 6.3 billion within four years.
Under this goal, Morocco seeks to rely on the “boost from the wave of legalization in the European Union (EU), where medical cannabis is authorized in 21 of the 27 member countries,” Le Monde reported on Tuesday.
The report highlighted the race of labs involved in the industry, including Sothema which made a turnover of €230 million last year.
The laboratory has developed 15 cannabis-based medicines to treat different health conditions, including cancer, epilepsy, as well as multiple sclerosis, the report said.
The laboratory also set sights locally and in European markets, mainly Germany, Switzerland, Italy, France, and Denmark.
Focusing on France, Le Monde noted that French companies are not only an export target but are also participating in interest groups in Morocco, including the Bio Cannat cooperative.
The cooperation proceeds as part of the cannabis exported to Switzerland, Le Monde said, quoting its director Aziz Makhlouf who acknowledged his preference not to disclose the companies’ identities involved or its revenues.
In April, Morocco’s National Agency for Regulating Activities Related to Cannabis (ANRAC) issued 2,905 authorizations for legal cannabis production.
Around 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.
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.
In May, Mohamed El Bouhmadi, president of the Moroccan Federation of Pharmaceuticals, stressed Morocco’s potential to become a key player in the European medical cannabis market.
“Medical cannabis is emerging as a new hope in the health field,” El Bouhmadi said.
