Some might say that Covid-19 tanked the South African economy, though others might point the finger at the arbitrary and draconian measures instituted by our dearest government. Regardless of where the blame lies, one thing is certain: Economic recovery is a must!
With hundreds of thousands -even millions- of people looking at tightening their belts during the drastic economic decline. Many thousands face even greater hardship as they have entirely lost their employment or small business.
Though there is some light at the end of the tunnel, with recent amendments to the schedules in the Medicines and Related Substances Act, relating specifically to cannabis and some of its components (cannabinoids), have thrown this industry into the spotlight once again as the country looks for post-covid growth engines.
The question is how great of an impact this industry could have on the economic landscape of the RSA, or whether government ‘nurturing’ will ultimately spell only corruption and demise for this growing cottage industry.
With the rescheduling of CBD products from Schedule 4 medicinal products down to Schedule 0, this act by SAHPRA goes far in cutting the red tape that burdens this small sector of the economy. But does it go far enough to allow small businesses to enter the arena at a competitive point?
Only time will tell at this stage, though at least for the moment it seems to be heading in the right direction.