Market Potential Estimated at $7.1 Billion
New York, NY, March 27, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GoIP Global Inc. (OTC Pink: GOIG) announced today that the European-based market intelligence and strategic consultancy firm Prohibition Partners’ latest report states Africa’s legal cannabis industry could be worth more than $US 7.1 billion annually by 2023 if legislation is introduced in a number of the continent’s major markets: www.prohibitionpartners.com.
Ahead of the launch of the report, Daragh Anglim, Managing Director at Prohibition Partners, explained, “A regulated legal cannabis market could be transformative to patients, farmers and economies across Africa. From a financial standpoint, Africa could reap significant rewards through the legalization of cannabis, with international demand offering a strong commercial opportunity for cannabis cultivation.”
As the first mover on the African continent, the Kingdom of Lesotho aims to capitalize on its green bounty by encouraging international investment not only in cultivation but also processing. “We want to export finished products. So the plan is to cultivate and manufacture pharmaceutical products, nutritional products, cosmetics, and extraction of active pharmaceutical ingredients," says Masello Sello, legal adviser at the health ministry, the department responsible for issuing licenses.
Lesotho's entry into the medicinal marijuana market has encouraged other countries to get involved. Zimbabwe has also legalized its cultivation and a number of other African governments are considering it as well. As with every other part of the world this is a process.
In South Africa, the Constitutional Court legalized the growing and smoking of marijuana for personal consumption in a landmark ruling last year.
Malawi is set to become the latest African country to legalize marijuana farming in a bid to boost its economy. It comes as its major foreign exchange earner tobacco starts to see the impact of a decades-long global anti-smoking lobby led by organizations including the World Health Organization. The country’s parliament has drafted a bill on legalizing industrial and medicinal hemp and is expected to be tabled with the national assembly soon.
In Kenya, GoIP is working with authorities to legalize and permit the growing of cannabis for Export. As an update to the previous press release by the company, GoIP has received positive initial response for a license, and is diligently working towards a final initiative to grow and export cannabis and industrial hemp. The process is underway and the government requested prerequisites are being addressed. GoIP’s team plans to revisit Kenya shortly to further pursue this initiative, and together with Attorney Robert Hoban, an expert Cannabis lawyer that works with governments worldwide to address legislation for Cannabis legalization, work towards that end.
Ike Sutton, CEO, stated, “After receiving the approval to move forward, and seeing how quickly the cannabis industry is evolving on the world stage, I’m excited and highly confident regarding our initiatives in Kenya. I’m looking forward to getting back to Kenya next month and working to finalize this project.”
In other news, GOIP is working diligently on a domestic opportunity which we hope to be able to share developments shortly. The company is sensitive to the excitement and speculation of our shareholders, but must work in a compliant and productive manner to deliver the best results, which the team is doing currently.
About GoIP Global
GoIP Global is engaged in acquiring Hemp and Cannabis cultivation & export licenses, offering top tier management and developing partnerships for supply chain sales, and worldwide logistics pipelines. For more information, see www.gocannaglobal.com.
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