Cannabis could be key economic driver with technology infusion

The cannabis industry has the potential to become a significant economic driver with the integration of advanced technology, Israel Ambassador-Designate, Ghana, Roey Gilad, has suggested.

The global cannabis market size was valued at estimated US$57.18billion in 2023 and projected to US$444.34billion by 2030, exhibiting a CAGR of 34.03 percent during the forecast period.

Against this huge potential, he urged the country to take bold steps and embrace the global market for medicinal cannabis and hemp products, leveraging Israeli technology to drive the growth and development of the domestic emerging cannabis sector.

Mr. Gilad, who said this at the Embassy’s Breakfast Forum on Transforming Ghana’s Cannabis Industry held in Accra in September, explained that leveraging Israeli technology and global trade would guarantee a robust cannabis sector that could greatly boost the nation’s economy through job creation, export revenue and overall growth.

“The cannabis industry in Israel is supported by academic research and is booming even though we also have some regulation difficulties. The purpose of our meeting today is to establish a dialogue in a field that is not well-known by many people but has huge opportunities for Ghana and Israel and the bond between our two nations.

“Ghana stands to be a leading force in the growing of medical cannabis, with its excellent agricultural conditions and the passage of the Act in 2020. We hope that through our collaboration and the know-how of the Israeli industry, Ghana’s agricultural income can increase just like cocoa,” he added.

Although investment interest is growing, with opportunities in research, cultivation and processing of medicinal cannabis, he lamented that public perception and stigma around the product’s use present obstacles. “Challenges, including the need for clear regulatory frameworks, robust enforcement and managing illegal activities also remain,” he added.

He therefore highlighted the need for education to distinguish between industrial hemp and psychoactive cannabis, and to promote the benefits of a regulated industry.

Mark Dark, Chief Executive Officer (CEO) of Chamber of Cannabis Industry-Ghana (Cannacham), speaking on the topic ‘Transforming Ghana’s cannabis industry: integrating Israeli technologies to advance Ghana’s cannabis sector’ at the same event, highlighted some economic benefits of medicinal cannabis.

“In Ghana, we now stand at the dawn of a cannabis revolution, with an opportunity to learn from global pioneers in the industry—partners like Israel, who have shown remarkable advancements in cannabis technology and research. Israel’s expertise in cannabis cultivation, innovation in agri-tech, and medicinal cannabis research are world-renowned.

“We are not just talking about the cultivation of cannabis; we are talking about integrating cutting-edge technologies—smart irrigation systems, precision agriculture, genetic optimisation and advanced pharmaceutical applications. These innovations will ensure that Ghana’s cannabis industry operates at the highest international standards and is competitive on a global scale,” he added.

He further indicated that it has long been a misunderstood and under-utilised resource in many parts of the world.

The forum, organised by Israeli Economic and Trade Mission to Ghana, in collaboration with the Chamber of Cannabis Industry Ghana (Cannacham), is to introduce innovative Israeli technologies that can enhance the country’s cannabis sector, creating a platform for knowledge-sharing and experiences on the product’s cultivation.

Additionally, it seeks to identify key challenges within the country’s cannabis sector and highlight current efforts and initiatives aimed at positively launching its industry. Also, it serves as an avenue to promote partnerships and leverage the strengths of the sector’s stakeholders.

The event’s key focus was on subject areas including advanced agricultural technology, medical cannabis research and development, regulatory frameworks and Compliance, investment and partnership opportunities, technology for processing and value addition, among others.