Minister of science and technology believes that the plant can bring up to $1 billion in business
The federal cabinet approved the production of industrial hemp by the government as the government believes that it could result in a $1 billion market for Pakistan in the future, Minister for Science and Technology Fawad Chaudhry said.
“We want the hemp market to generate $1 billion [in revenues] for Pakistan in the next three years,” Chaudhary said. He further added that during the first phase Peshawar, Chakwal and Jhelum are the sites where the hemp will be grown.
The minister also removed misconceptions about the uses of hemp and said that the plant contains a compound called cannabidiol, which is used for a number of medical therapies for chronic pain. Chaudhary also said that a number of countries including China and Canada were cultivating hemp on tens of thousands of acres.
The minister revealed that the government is also working on introducing a new project on precision agriculture. High technology farms will be developed under the program. The project will focus on non-traditional agriculture including the production of exotic vegetables such as avocadoes, asparagus, cherry tomatoes, etc. These vegetables have a high demand both at home and abroad.
Cannabis for medicinal purposes
A number of products are currently in use that are made from cannabis. These are mostly used for medicinal purposes and are legal in many countries. The Cannabis business is especially booming in Canada and the government of Pakistan can take a leaf out of their book to learn how it can be made into a profitable venture. At the same time, it is important that the risk of illegal use of the hemp is mitigated and stopped. With the right approach, precious foreign exchange can be acquired through exports of value-added products manufactured from the industrial hemp.