File
President Cyril Ramaphosa announced a review of the policy and regulatory framework for industrial hemp and cannabis in a bid to harness the huge potential for investment and job creation in this sector.
Speaking during his State of the Nation Address on Thursday night, he said the hemp and cannabis sector has the potential to create more than 130 000 new jobs.
“We are therefore streamlining the regulatory processes so that the hemp and cannabis sector can thrive like it is in other countries such as Lesotho,” Ramaphosa said.
He said the people in the Eastern Cape, KwaZulu-Natal, and elsewhere are ready to farm with this age-old commodity and bring it to market in new and innovative forms.
The review of the regulations for hemp production forms part of a raft of measures Ramaphosa announced to revitalise the country’s economy through structural reforms.
The Eastern Cape Provincial has meanwhile been going ahead with its plans to support the cannabis industry in the province, allocating R4.5 million in the 2021-2022 financial year for this purpose and supporting hemp permit holders in the province
President Ramaphosa said while structural reforms are necessary for the country to revive economic growth, “they are not enough on their own.”
He said this year, the government would be undertaking far-reaching measures to unleash the potential of small businesses, micro-businesses, and informal businesses.
“These are the businesses that create the most jobs and provide the most opportunities for poor people to earn a living,” Ramaphosa said.
