‘Give me weed to fix economy’

SOUTH Africa’s Finance minister Tito Mboweni has dared the police to put him behind bars, this after he posted pictures of cannabis growing at this home…again.

Finance Minister Tito Mboweni

This comes as the licensing modalities of Zimbabwe’s dagga industry — the second African country to legalise the plant’s production for medicinal purposes — has provoked intense debate, and at a time the global market is worth US$390 billion.
“Arrest me then! It’s growing on my farm,” said Mboweni in one of four tweets he posted on Sunday afternoon.
Mboweni has been known for his stance on legalising the naturally growing plant. In early January, he posted a similar series of tweets affirming his stance on the legalised cannabis industry.
Following the 2018 Constitutional Court judgment, the private possession, use and cultivation of cannabis has been de-criminalised and Parliament must now make the legislative adjustments to accommodate this.
Selling cannabis at any scale remains, for the most part, illegal.
In one tweet on Sunday, Mboweni said taxing the plant could help revenue in SA.
“Legalising this thing = more tax revenue. I need more tax (money) urgently!! Radical Economic Transformation!”
In another post he said: “Legalise it, don’t criminalise it!”
In previous tweets, Mboweni said there were a number of sites around the country, particularly in Limpopo Province, which he argued could give billions in tax money to SARS, if the industry could be legalised.
He did not clarify his calculations.
“My neighbor found this thing too! The soil is ready in Makgobaskloof to grow it legally! The economy of Lusikisiki and Tzaneen is waiting for legal growth of the stuff!! R4bn plus!! Tax money,” Mboweni tweeted at the time.
Meanwhile, a report by New Frontier Data revealed that Zimbabwe can rake in US$19 million (about $437 million) in tax revenues and create between 60 000 and 90 000 jobs over a five-year period from the production of medical cannabis and industrial hemp.
“Although Zimbabwe has deployed a limited medical cannabis programme, the country is looking closely at how to create a more robust and expansive regulated system,” read part of the research titled Hemp Cultivation in Africa: Zimbabwe Case Study 2019.
“Following the full implementation and activation of a regulated cannabis market, both taxes and employment would increase.”
New Frontier Data noted that successful deployment of a regulated system will depend upon many factors, primarily how to maximise economic and medical benefits to Zimbabweans without stifling the nascent industry’s growth and development.
“By leveraging experience and expertise from other markets, Zimbabwe may avoid many implementation issues encountered by other countries. Zimbabwe’s market represents tremendous potential, particularly if maximising first-mover advantages while other countries debate the formulation of policy,” the report said.
Cannabis offers potential to create jobs, reduce costs, and provide opportunities to Zimbabweans for years to come, it added.
“By establishing its programme, and expanding it to include industrial hemp and allow for legal exports, Zimbabwe can reduce healthcare costs while generating an estimated US$19,5 million in tax revenues,” the New Frontier Data report added.
The researchers said Africa’s overall market accounted for US$37,3 billion of the US$344,4 billion global cannabis market in 2018, which was a combination of legal and illicit sectors.
— Fin24/Staff Writer