Morocco Lags Behind in Cannabis Legalization, Missing Economic Opportunities

The legalization of cannabis for industrial and pharmaceutical uses offers Morocco a boulevard to boost its economy. The daily Al Massae devotes a report to this issue, with the example of a few countries that have already legalized cannabis and have been enjoying its huge revenues for years, thus highlighting what the kingdom is losing financially, reports the newspaper, which recalls that recently, the bill relating to the legalization of cannabis in Morocco was adopted by a majority in the first chamber, although the PJD opposed it.

For example, the state of Colorado (USA) has legalized the recreational use of the plant since 2013 and sells it to adults in 14-gram packages. 108 authorized stores serve more than 400 customers per day. Thus, this activity is beneficial for both the tourism sector and real estate and services, generating around 18,000 jobs, for more than $10 billion per year, well above what the alcoholic beverage activity generates in taxes.

In the United States, 26 states have authorized the production of cannabis for medical and pharmaceutical use, and the third largest wine producer in the union has made the choice of major investments in this sector. 8 countries authorize it for recreational purposes. In North America, in 2016 alone, this activity generated $6.7 billion, or 34% more than in 2015.

For Mexico, which is about to legalize the cultivation of marijuana, according to estimates, the market could generate between five and six billion dollars by 2025, and the global total should reach about $73.57 billion by 2027 and bring annual taxes to $900 million to $1.7 billion, according to the Mexican Congress and the Cannabis and Hemp Council. Moreover, several other countries and states are preparing to legalize this activity and Morocco has an interest in doing so quickly to join the movement, concludes the media.