The Senate Standing Committee on Finance referred the government bill, "The Cannabis Control and Regulatory Authority Bill 2024", aimed at regulating the cultivation of cannabis plant, extraction, refining, manufacturing, and sale of derivatives of the plant for medicinal and industrial use to the Standing Committee on Science and Technology.
The committee met with Saleem Mandviwalla in the chair here on Friday to consider the "The Cannabis Control and Regulatory Authority Bill 2024".
Officials of Pakistan Council of Scientific and Industrial Research (PCSIR) and Science and Technology Ministry while briefing the committee, stated that cannabis if regulated and value-added, it could not only replace cotton in the textile industry but also generate around $4 billion to the country's economy including exports. Currently, cannabis is planted illegally and generates around $300 million, but if it is brought into the framework, it can bring up to $4 billion through proper channels.
Globally cannabis is a market of around $60 billion, said the officials, adding that it can be used as a major input and replacement for cotton in the textile industry, medicines as well and entertainment as it is less harmful compared to other synthetic products.
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