Sunday, October 1, 2023

Pakistan can earn $3b by 2026 through production of industrial hemp, NA Standing Committee

Experts informed the NA’s Standing Committee on Science and Technology that Pakistan entry into the global cannabis market may generate $3 billion in revenue from industrial Hemp production by 2026. Hemp products have currently valued $45 billion dollars and this number expected to increase to $100 billion by 2026.

The committee has informed that a trial production of 93 kilogrammes of Hemp conducted in conjunction with Arid Agriculture University. Whereas, 73 kilogrammes of this total have sent to the Pakistan Council of Scientific and Industrial Research Laboratories.

According to the Ministry of Science and Technology, a facility at PCSIR is attempting to extract CBD oil from the grown Hemp. To that end, 20 kg of hemp have shipped to the National Textile University (NTU).

The drug cartels’ offer can be more enticing than the government’s. The committee mandated strong steps to counteract the possibility of their involvement. Industrial Hemp production and Medicinal Cannabies Authority of Pakistan has also established during the conference. This step has taken to carry out the policy’s directives.

The Committee demanded a complete report on the production from the Ministry of Science after ordering an detailed experiments into it.

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