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Rabat – Morocco has made its first legal cannabis shipment to Switzerland, entering the race to supply one of the world’s largest markets.
According to a report from French media, the country exported a quintal of resin with a THC content of less than 1% – the molecule responsible for psychotropic effects – to Switzerland in the second quarter of 2024.
Morocco first introduced the legislative framework to legalize the cannabis industry in 2021. Since then, the country has launched a dedicated agency ANRAC to regulate the sector. The move has given hope to thousands of farmers who have been working in the illicit industry for years.
Cannabis cultivation in Morocco is a centuries-old practice. The favorable geographical location and climate make the country home to high-quality cannabis that is in demand in the international market.
Beyond supporting local farmers, the cannabis industry promises to be a lucrative source of taxes for state reserves.
Within only three years of its legalization, the industry has made a leapfrog. In 2023 alone, ANRAC issued 609 permits for the cultivation of cannabis.
The country’s first harvest exceeded expectations with a total of 294 tonnes cultivated in 2023, with industry players eyeing the EU market for exports.
Experts forecast the country could capture up to 15% of the EU cannabis market, with annual revenues expected to hit between MAD 4.2 and 6.3 billion ($420 million to $630 million) by 2028.
The EU cannabis market presents a lucrative opportunity for Moroccan farmers. Valued at $6.20 billion in 2024, the market is expected to swell to $7.25 billion by 2029, with an annualized growth rate of 3.18%.
Medical cannabis is currently authorized in 21 out of 27 EU member states, with the number likely to go higher.
Read Also: Morocco’s Legalized Cannabis Industry Targets European Market
