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Africa became more cannabis-friendly last week after the South African government passed legislation that partially legalizes CBD and CBD products.
What Happened
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Under changes enacted by the South African government, CBD was removed from the Schedule 7 list of the Medicines Act. Schedule 7 includes substances that are highly regulated such as heroin or THC.
CBD was not removed completely, but rather moved to Schedule 4 of the Medicines Act. Schedule 4 includes substances that can be sold by pharmacies with a required prescription.
Certain CBD products were completely excluded, such as products with a daily dose of up to 20 miligrams of CBD that don't claim to treat any conditions.
Products with a THC amount of under 0.0001 percent and less than 0.0075 percent of CBD were also excluded completely.
Why It's Important
Because it has a more legal status than THC, CBD has been taking the world by storm, with more countries relaxing regulations and allowing the sale of CBD-infused products.
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Just last week, Bulgaria became the first EU country to authorize the sale of CBD products.
As the continent's most developed economy, South Africa will likely be the largest CBD market in the region.
The relaxed regulations also represent a major milestone that could potentially point to further legalization of cannabis.
What's Next
Cannabis companies that have already established operations in the region are applauding the move and will soon be able to enter the market with CBD products.
"This is a landmark piece of legislation, enabling wide-scale access to CBD products. As a pioneer in the African cannabis sector, Southern Sun Pharma has been preparing for advancements such as these for some time," company CEO Warren Schewitz said in a statement.
"We will imminently be in a position to share our progress relating to the supply of premium CBD products from local and international sources."
Related Links:
The Week In Cannabis: Canada Funds Research, EU Country Allows Sale Of CBD, NFL Moves Forward
TSA Updates Rules To Allow Hemp-Derived CBD Aboard Flights
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.