Pakistan turns to cannabis industry to boost economy amid financial challenges | Business and Economic Updates

Pakistan is making strides in the medicinal cannabis industry, with the recent approval of an ordinance creating the Cannabis Control and Regulatory Authority (CCRA). This move comes after entrepreneur Aamir Dhedhi’s personal experience with CBD oil for his mother’s Parkinson’s disease, which led him to advocate for local production and usage of cannabis derivatives.

The CCRA, overseen by a 13-member board, aims to regulate the cultivation, extraction, and sale of cannabis derivatives for medical and industrial purposes. This development aligns with global trends, as the global cannabidiol market is projected to exceed $30 billion by 2027.

While Pakistan has a long history of cannabis cultivation, the regulatory framework introduced by the CCRA sets strict guidelines to prevent abuse and ensure compliance with international standards. The potential for revenue generation through export and domestic sales is significant, with estimates suggesting nearly 28,000 hectares of land suitable for cannabis cultivation.

Farmers like Suleman Shah in Khyber Pakhtunkhwa are optimistic about the opportunities presented by the new regulations. Shah, who has been cultivating cannabis for eight years, sees the potential for improved quality and increased profits with government support and modernized cultivation methods.

However, some experts caution that Pakistan may be “late to the party” in the global cannabis market. Challenges such as meeting international standards for medicinal-grade cannabis production and potential market saturation are concerns raised by industry professionals.

Despite these challenges, government officials like Syed Hussain Abidi remain optimistic about Pakistan’s potential in the cannabis industry. With a focus on research, quality extraction methods, and strict regulation, Pakistan aims to tap into the growing demand for CBD products while curbing illegal cultivation and sales. The future of Pakistan’s cannabis industry looks promising, with the potential for significant revenue generation and improved health outcomes for consumers.