According to domestic reporting in Morocco, the nation’s emerging CBD industry is set to pass a major milestone with legal products expected to hit retail store shelves this summer.
“One of the most anticipated cannabis products is CBD-infused chocolate by Kyff, a company working under the Rabat-based Pharma Oksa Group.” stated New Arab in its initial coverage. “Kyff will also offer CBD tea infusions and snus (a moist tobacco, typically held in the mouth between the lips and gums) in 10, 20, and 30-milligram tins with flavours like orange blossom, mint and rose water for sublingual consumption.”
For decades Morocco’s unregulated cannabis farmers have supplied the European continent’s cannabis consumers, with Spain being a top destination for Moroccan cannabis harvests. However, in recent years Morocco’s government has worked to provide its domestic cannabis producers with a path to enter the legal industry.
According to initial reporting by Morocco World News, “Morocco’s National Agency for Regulating Activities Related to Cannabis (ANRAC) has issued 2,905 authorizations for legal cannabis production as of April 23.”
The authorizations are up considerably from last year when Morocco’s National Agency for Regulating Activities Related to Cannabis had issued 609 authorizations that involved a total area of 2,551 hectares.
According to the Morocco’s regulatory agency, the number of authorized licenses include:
- 2,737 permits granted to 2,637 farmers in the regions of Taounate, Chefchaouen, and Al Hoceima
- 168 authorizations granted to 61 operators in the pharmaceutical field
- 48 authorizations for industrial and export purposes
- 42 different cannabis products were made from legal harvests in 2023
Morocco’s first legal cannabis harvest occurred last year and yielded roughly 294 metric tons. The harvest was from a coalition of 32 cooperatives involving 430 farmers in the northern Rif mountain areas. The United Nations estimates that roughly 47,000 hectares of the Rif region are dedicated to cannabis production.
The global legal medical cannabis market is projected to reach $82.5 billion by 2030 according to a separate report by Research and Markets. The legal medical cannabis market was worth an estimated $32.3 billion in 2023 according to the report.
“Extract Form Marijuana, one of the segments analyzed in the report, is expected to record 14.6% CAGR and reach US$54.2 Billion by the end of the analysis period. Growth in the Dried Flower Marijuana segment is estimated at 13.7% CAGR for the next 7-year period.” Research and Markets stated in a press release.
The global cannabidiol (CBD) market was worth an estimated $7.6 billion in 2023 according to a previous market analysis by Market.us, and will climb to a projected $36.6 in value by 2033.
“Between 2023 and 2032, this market is estimated to register the highest CAGR of 27%.” the researchers stated.
The global cannabis edibles market is projected to reach $27.2 billion by 2030 according to a previous market analysis by Fairfield Market Research. For comparison purposes, the same researchers estimated that the global cannabis edibles market was worth $9.6 billion in 2022.
“This robust growth will be driven by a multitude of factors, including shifting consumer preferences away from smoking cannabis, and rising awareness of the health benefits associated with cannabis edibles.” Fairfield Market Research stated in a press release.