The cannabis industry, although shrouded with controversy due to stigmatization, has the potential to substantially enhance the economies of countries and assist with alleviating unemployment. The industry is projected to be worth some two hundred and seventy-two billion dollars by 2028. Besides the commonly understood medicinal properties, the plant has broad applications for use in construction, food products, toiletries, paper, and furniture. Following the devastation of the coronavirus pandemic and the looting in July 2021, the South African government needs to pursue alternative revenue streams. Public debt is mounting, unemployment figures continue to rise, and the economy is strained. This chapter thus seeks to offer insight into the contribution that the cannabis industry could provide in assisting the ailing economy and in alleviating unemployment.
TopIntroduction
The cannabis industry is shrouded by controversy with many political and religious leaders decrying its use on moral grounds (Duvall, 2019; Kafeero, 2021). Despite growing evidence of the significance of this industry as a major contributor to the economy (Kane, 2020; Davids, 2021; Kafeero, 2021), the plant remains highly stigmatized throughout Africa with many leaders believing that a more liberal approach will result in increased addiction and crime (Mukeredzi, 2021).
However, cannabis has a much broader application than the commonly known medicinal or recreational drug use. Research reveals some fifty thousand industrial purposes, including paper, cardboard, construction, and textile uses (Parker, DiMattia, Shaik, Ortega, & Whittle, 2019; Oduor, 2021).
The Covid-19 pandemic created an economic crisis of catastrophic proportions on a global scale. Millions of people are without work and governments are seeking new sources of revenue and job creation (Kane, 2020; Davids, 2021; Kafeero, 2021; Manu, Mbuyiselo, Mohlomi, & Tarkang, 2021). The cannabis industry has been identified as one such avenue (Kane, 2020; Davids, 2021; Kafeero, 2021). In South Africa, the unveiling of the Cannabis Master Plan substantiates the importance of legalizing the industry to improve the ailing economy (Businesstech, 2021).
This chapter thus seeks to identify the progress made by the South African government as leaders of the nation to advance the industry for the economic benefit of the country and in an attempt to alleviate unemployment.