BUSINESS NEWS

Cannabis unlocking business opportunities

ECONOMIC OPPORTUNITIES in the cannabis sector are opening up as government entities work together to research and exploit business possibilities in the field.

The Gauteng Department of Agriculture and Rural Development (GDARD) and the Gauteng Department of Economic Development recently hosted a webinar exploring how small businesses can exploit opportunities in the cannabis value chain.

The webinar, titled ‘Unlocking the Gauteng Cannabis Economy’, showcased the resources available to Small Medium and Micro Enterprises (SMMEs) that want to venture into the sector.

According to the national Department of Agriculture, Land Reform and Rural Development (DALRRD), the cannabis sector can create between 10 000 and 25 000 jobs. The DALRRD estimates that cannabis can give rise to an industry, valued at an estimated R28 billion.

The Director for Research and Technology Development Services at GDARD, says the webinars help align the work of the department with that of the businesses, so that potential job opportunities can be realised. “Cannabis is one of Gauteng’s long-term strategic points that we see as a potential booster for our economy.”

Entrepreneurs who run cannabis-related businesses can grow their enterprises by making use of the incubation services offered by the Gauteng Provincial Government’s Innovation Hub.

The Innovation Hub, through its BioPark Business Incubator, which helps grow businesses in the bio-sciences sector, helps SMMEs conduct research into the use of cannabis in medicine. 

The Council for Scientific and Industrial Research (CSIR) has also developed quality control standards to which SMMEs entering the cannabis production space will have to adhere.

To make use of the Innovation Hub’s incubation services, entrepreneurs in the cannabis and bio-sciences field can call  012 844 0000, or send an email to info@theinnovationhub.com, or visit www.theinnovationhub.com for more information.

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