Pakistan: Cannabis to rescue the nation from economic crisis
The country is eyeing to dominate the global cannabis market with its favourable growing conditions
Pakistan’s Government has taken the aid of cannabis to spike its scattered economy, The country is facing the worst economic crisis since its formation in 1947. Pakistan’s government has legalized cannabis cultivation for medicinal use. The country has set up a regulatory body to manage the cultivation and trade of cannabis. The export will give a major spike to the country’s economy.
A decree passed by the Pakistan government led to the formation of the Cannabis Control and Regulatory Authority (CCRA) in February. CCRA’s role includes “regulating the cultivation, extraction, refining, manufacturing, and sale of cannabis derivatives for medical and industrial purposes”.
The country is eyeing to dominate the global cannabis market with its favourable growing conditions. Pakistan is planning to create revenue from the export, foreign investment and sales of cannabis to shore up its foreign reserves, Syed Hussain Abidi, chairman of the Pakistan Council of Scientific and Industrial Research (PCSIR), told Al Jazeera.
Pakistan has been facing an economic crisis since May 2022, with the inflation rate increased by 25% and the economic growth pace at 1.9%, which is the fourth lowest, according to the Asian Development Bank. It is being speculated that cannabis will give a much-needed spike to the country’s economy.
“We are very serious about this initiative, and things are moving at a very fast pace,” a senior at the Special Investment Facilitation Council quoted to Nikkei Asia.
Despite being psychoactive, Cannabis has medicinal properties and is usually prescribed for the treatment of anxiety, depression and chronic pain.
Syed Hussain Abidi of PCSIR discussed with Al Jazeera the necessity of a regulator under the UN’s law. It imposes a limit on tetrahydrocannabinol (THC) usage, which is 0.3%.
“The UN laws say that if a country wants to produce, process and conduct sales of cannabis-related products, it must have a federal entity that will deal with the supply chain and ensure international compliance,” he said.
The Express Tribune reported, that a strict fine will be imposed on the people misusing the drug. A hefty fine of 1 million to 10 million Pakistani rupees for individuals and 10 million to 200 million Pakistani rupees for companies.
