The 2022 Global Report on Indian hemp, has estimated that the industrial weed market is expected to grow at a compound annual growth rate of 16.8 percent from 2021 to 2025 to reach US$16.75 billion.
Hemp’s versatility and sustainability offer huge opportunities for developing countries like Ghana, as it is also projected that the industry will reach US$18.6 billion by 2027, almost four times the amount in 2020.
A group by name Altarris, made of people with vast experiences across diverse business and scientific landscape, including medical and science teams, is advocating for people to buy into both the hemp business especially its industrial and medicinal use. It has expressed its interest to support the government of Ghana, as it transitions into the growing global phenomenon and lucrative opportunity the Cannabis industry presents.
It has been identified that the increasing demand for organic hemp-based foods is one of the prime reasons driving the hemp-based foods market growth in a few years.
Also, certifying hemp-based foods and growing strategic collaboration will lead to sizable demand in the market.
These were contained in the 2022 Global Report on the industry from the United Nations Conference on Trade & Development (UNCTAD). The 84-page report defines the steps that various governments can take to capitalize on industrial hemp for its economic and social potential.
It further gave an overview of industrial hemp by output categories, and shows how those hemp subsector derivatives are reflected in trade statistics.
Hemp value chains can boost growth in rural areas and contribute to both manufacturing and food-processing industries. However, to fully exploit such potentialities, countries may have to take specific actions, said the report, which marks the first time an international intergovernmental body has issued a paper promoting the use of industrial hemp.
In view of this, the Altarris team has Doctors, Professors, and Scientists in the fields of Chemistry, Plant Genomics, Gene Therapy, Oncology, Molecular Neurosciences, Biology, Psychiatry, Nutrition, Medicines.
The Altarris team members include Harold Newball, Dr Jaclyn Thomson, Dr Brenda Beckwith, Cole Phillips, John Danylowich, as well as Francis Sam, who is a Ghanaian.
Its executive team includes; Chief Executive Officers (CEOs) of Fortune 500 Subsidiaries, Managing Directors, Directors of Finance, Lawyers, and industry leaders with expertise in Manufacturing, Regulatory, Quality Control, Brand Development, and Marketing in Nutraceuticals, Pharmaceuticals, Cosmeceuticals, and Functional Foods.
The team said the extraordinary momentum is driven primarily by the increasing recognition by science, the World Health Organization (WHO), and medical professionals alike of the range of legitimate medicinal benefits and therapeutic applications this historic plant provides.
But most importantly, it provides direct and indirect jobs, with exceptional benefits to the local communities.
The Altarris team’s goal is to present a short overview to help gain an understanding of the distinct differences between Hemp and Cannabis, while highlighting what they hope will agree on four key areas of concern that might prevent the commission from providing an exemption for the production and export only of higher medical levels of Tetrahydrocannabinol (THC) to meet the global medical demand including; the Global Cannabis Position and Acceptance of Medical Levels of THC, Medical Rational, Chemistry Cultivation Processing, and Security.
The team has made available the necessary information that will provide an understanding of the needed medical requirements for higher levels of THC that cannot be met with Hemp at 0.03percent.
It also stated that as the world pivots to increasing Hemps “new” acceptable levels of l percent, even this is still widely acknowledged to have no medical or psychoactive levels and underpins the need to be open to what over 80 countries and growing have already embraced or to waiver and wait on what will most likely be inevitable with all nations of the world, while missing out on the positive position of early adoption or economic loss.
The team has also provided Best Practices guidelines in the areas of Chemistry (Laboratory), Cultivation, Processing, and Security with some suggestions from the experts in their team.
The team assured with confidence that the public’s safety and security cannot only be met but that can exceed their expectations and prove what statistically has been confirmed in Canada and other countries, including a letter from one of the top global security consultants in the industry.
The team said it has spent the last two years on the Ghana project with a vision of creating a campus-like operation, including sustainable and environmentally friendly Cultivation Fields with a cornerstone commitment to utilizing all of the plant material, a state-of-the-art Production Facility, an ISO 17025 Laboratory with the highest levels of global recognition and certification, designated areas for research and development.
Drug reform experts in the United Kingdom (UK) and Europe, have welcomed a ‘momentous’ decision made by the President of the United States of America, Joe Biden, on Thursday October 7, 2022, which will ‘undoubtedly’ shift attitudes across the globe.
President Biden, announced in a Twitter thread that he would be pardoning thousands of federal offenses for simple cannabis possession and was calling on state governors to do the same.
He is also directing the Department of Justice and the US Attorney General, to review how cannabis is classified under federal law. The move is a significant step forward for cannabis reform, which could have far-reaching implications for patients and consumers in the US, but also elsewhere in the world.
Experts in the UK say that not only will this see justice for patients who were thrown in jail as a result of trying to access effective treatment, but will also open up research opportunities and understanding of cannabis as a medicine.