Struggling with chronic debt, Sri Lanka is tapping into green gold rush. The Indian Ocean island nation, grappling with severe financial constraints, has set its sights on the lucrative global market for medicinal cannabis. Recognised for its ideal growing conditions, Sri Lanka is now stepping into the arena of cannabis cultivation, focusing on both raw and value-added medicinal products.
This strategic move, fueled by the government's regulatory frameworks and facilitated investments, marks a proactive approach to revitalise the nation's economy through innovative agricultural ventures.
Source: ID 325838430 | Cannabis Growing
As a result, Sri Lanka has garnered attention from 30 potential investors, according to State Minister for Investment Promotion, Dilum Amunugama. The initiative, aimed at cultivating and exporting value-added cannabis products, notably Cannabidiol (CBD), positions the country well to tap into the growing global market.
The targeted projects will be setup at Mirigama, 57 kilometers north-east of Colombo and Kandy, in the central province, due to their strategic locations and local infrastructure capabilities. The Sri Lankan government's Board of Investment, is actively facilitating these foreign investments, which are expected to significantly bolster the country's economy, especially amidst its current balance of payments challenges.
Source: Public Domain- Cannabis growing in greenhouse
The global market for industrial hemp, inclusive of medicinal cannabis, is on a rapid growth trajectory, estimated to escalate from $7.90 billion in 2023 to $31.98 billion by 2030.
For consumers, Sri Lanka's entrance into the medicinal cannabis market promises increased accessibility to high-quality Cannabidiol (CBD) products. These offerings may range from pain relief solutions to wellness supplements, providing a natural alternative for health-conscious individuals worldwide.
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