Malawi’s Cannabis Regulatory Authority said on Friday they had issued 86 licenses to 35 companies and cooperatives to venture into cannabis cultivation for industrial hemp production.
Boniface Kadzamila the Board Chairman of Cannabis Regulatory Authority made the announcement from Lilongwe on Friday afternoon.
He said that a total of 41 companies applied but only 35 of them satisfied the requirements.
According to him the authority has issued licenses for cultivation, processing and storage and has not yet issued any license for export of cannabis.
A recent analysis by Invegrow Limited, one of the firms that conducted research on industrial hemp, found that a kilogram of industrial hemp could fetch US$1,444 on the market that there is potential for direct annual benefit for Malawians in excess of US$ 135,440,973 on 16.5 hectares or US$8,803,663 per five hectares.
The analysis further indicated that the crop has ready markets whose global value chain is worth US$9B thus giving local Malawi investors a basis to take up cannabis production.