ISLAMABAD: Pakistan has officially launched a pilot project of industrial hemp cultivation in the country’s federal capital in a bid to earn foreign exchange.
Federal Minister for Science and Technology, Shibli Faraz, inaugurated the pilot project on Thursday while the Pakistan Council of Scientific and Industrial Research (PCSIR) and PMAS Arid Agriculture University will administer the project in collaboration with the federal government.
Addressing the inaugural ceremony, the PTI minister said that Pakistan will start exporting hemp products soon. Delving into details, Shibli said the price of 1 liter of CBD oil extracted from the hemp plant is around $10,000 per liter as it is also used in medicine.
He further revealed that the diverse climate of Pakistan is favorable for the production of cannabis and besides the CBD products; Pakistan can also produce and export its seeds.
Let it be known that Pakistan moves this way as the UN commission voted to take out the cannabis made for medicinal purposes from a category of dangerous drugs.
As the South Asian country aimed to rake in about $1 billion in revenue by capturing a share in the booming CBD market, officials claimed that the industrial hemp market is worth around $25 billion globally.
Furthermore, Federal Information Minister Fawad Chaudhary also shared the details on Twitter. “Congratulations to the Ministry of Science and Technology, especially PCSIR, on the inauguration of the first Hemp Farm project”, he wrote while adding that he is delighted about the development in the project.
وزارت سائنس اور ٹیکنالوجی خصوصاً PCSIR کو Hemp کے پہلے فارم کے منصوبے کے افتتاح پر مبارکباد، انتہائ خوشی کی بات ہے کہ یہ اہم منصوبہ آگے بڑھا ہے اربوں ڈالر کی Hemp Industry کا پاکستان بھی اب اہم حصہ بننے کو ہے
— Ch Fawad Hussain (@fawadchaudhry) September 30, 2021
The use of cannabis for medical purposes is currently legal in the United Kingdom, Australia, Brazil, Canada, Finland, Germany, Italy, the Netherlands, New Zealand, Poland, Portugal, Sri Lanka, and Thailand.
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