Hemp has $1bn export potential, says Fawad

ISLAMABAD: Minister for Science and Technology Fawad Chaudhry on Wednesday said hemp has a $25 billion global market and Pakistan has the potential to export up to one billion dollars of the crop over the next three years.

Addressing a press conference here, the minister said some people had been confused by the cabinet’s recent decision to approve issuing licences for the industrial and medical use of hemp. “Industrial hemp plant (Cannabidiol) has medicinal and industrial uses,” Chaudhry said.

He added: “The oil extracted from its seeds can be exported internationally. Its plant is effective for relieving chronic pain, while the stem of the plant produces fibre which can replace cotton and boost textile industry.” Hemp has a $25 billion dollar global market and Pakistan can contribute up to one billion dollars in the next three years, he added.

International Centre for Chemical and Biological Sciences Director, Dr Iqbal Chaudhry said on the industrial side, one option is to grow and export hemp’s oil and the other is to create value-added products through this oil after thorough research.