Use of Indian hemp set to be legalized by the House of Reps for economic benefits

Hemp seeds are particularly rich in these healthy fats, including omega-3 and omega-6 fatty acids. Both of these fats are known for improving heart health by reducing cholesterol, blood pressure, and triglycerides. Adding hemp oil to your diet may reduce your risk of heart problems in the future.

Indian Hemp means the cannabis plant, especially when grown for fibre.
the fibre of the cannabis plant, extracted from the stem and used to make rope, strong fabrics, fibreboard, and paper.
used in names of other plants that yield fibre

The House Of Representatives is set to legalise the use of Indian Hemp in the country for economic benefit.

Spokesperson of the House of Representatives, Hon. Benjamin Okezie Kalu said this during a press conference on the benefits and opportunities of Cannabis in Akure, Ondo state capital

Kalu said that the House of Representatives has concluded an arrangement to organize a two-day stakeholders roundtable on the benefits of the weed.

According to him a date for the stakeholder’s forum, which will attract participants among scientists, medical and pharmaceutical professionals, farmers, insurance companies, executives, and private sector investors has been slated for June 7 and 8.

He explained that countries such as South Africa and others are currently reaping high revenue from cannabis which they export to other countries.

“Nigeria has been described as oil-dependent and not oil-rich. It is a worrying reality that we have not optimized the financial stability advantage that our oil reserves can provide us to diversify our collective investment and revenue sources.

“The coronavirus pandemic exposed our weaknesses when global oil prices plummeted by as much as 15 per cent even falling below $0 a barrel on 20

“Agriculture has always been a major strength of Nigeria and cannabis provides interesting prospects. Industrial hemp is a variety of the Cannabis sativa plant species that is grown specifically for industrial use.

“Once harvested, the crop has a high yield of edible proteins and fibres with more than 50,000 product applications ranging from papermaking, textiles, biodegradable plastics, fuel, construction, healthy food, beverages, personal care products, and pharmaceuticals.

“According to verified market research, the Global Industrial Hemp Market was valued at USD 5 Billion in 2019 and is projected to reach USD 36 Billion by 2026, growing at a CAGR of 34 per cent from 2019 to 2026.

“According to the consultancy firm Prohibition Partners, by 2023, the value of Africa’s legal cannabis market could be worth over USD 7.1 billion.”

“Several countries have legalized medicinal and industrial hemp and other African countries are moving to do the same.”

“Nigerians must understand that we are not alone in this race to establish a lucrative medical and industrial hemp economy. Based on recommendations by the World Health Organization (WHO), the United Nations (UN) voted to remove Cannabis from schedule IV of the 1961 Single Convention on Narcotic Drugs, and reclassified it as medicinal and therapeutic, on December 2, 2020.

The Special Adviser to the state governor on Agriculture, Mr Akin Olotu, while speaking at the event said the Ondo state government in conjunction with Culturepreneur Clusters Limited and other partners will hold a stakeholders’ roundtable on the benefits and opportunities of the cannabis plant and CBD Oil in Nigeria.

Olotu pointed out that the discussion will focus on research, legalisation, licensing, medical advantages, agro-economy advantages, empowerment, benefits of Internal Generated Revenues, Trade Exchange benefits.

He said the workshop is aimed at furthering legislation, scientific research and sensitization on the health, industrial benefits of cannabis and CBD oil as well as engaging stakeholders at all levels to leverage the multi-faceted value chain of cannabis.

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