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relates to Trump Says U.S. ‘Talking’ With China But Not Ready for a Deal relates to Five Things You Need to Know to Start Your Day relates to Why China's Getting Ready to Shake Up Interest Rates relates to China Lines Up Lower Borrowing Costs with Revamped Rate System relates to Suffering Emerging Markets Look to Powell to Calm Frayed Nerves relates to Why Ivascyn’s Pimco Income Fund Fell as Long Bonds Rallied relates to Argentina Faces Fresh Turmoil From Resignation, Debt Downgrades relates to Here’s How Germany Could Boost Its Economy, If It Wants to Act relates to Negative Mortgages Set Another Milestone in a No-Rate World relates to Asia Stocks Set to Start Week Higher; Yen Flat: Markets Wrap
relates to Trump Says U.S. ‘Talking’ With China But Not Ready for a Deal relates to Five Things You Need to Know to Start Your Day relates to Why China's Getting Ready to Shake Up Interest Rates relates to China Lines Up Lower Borrowing Costs with Revamped Rate System relates to Suffering Emerging Markets Look to Powell to Calm Frayed Nerves relates to Why Ivascyn’s Pimco Income Fund Fell as Long Bonds Rallied relates to Argentina Faces Fresh Turmoil From Resignation, Debt Downgrades relates to Here’s How Germany Could Boost Its Economy, If It Wants to Act relates to Negative Mortgages Set Another Milestone in a No-Rate World
Photographer: Cole Burston/Bloomberg
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Zimbabwe to Repeal Cannabis Laws; Aims to Export Crop

Zimbabwe to Repeal Cannabis Laws; Aims to Export Crop

Inside CannTrust Holdings Inc. Niagara Perpetual Harvest Greenhouse As Big Money Tests Marijuana Waters
Photographer: Cole Burston/Bloomberg

Zimbabwe will repeal laws banning the cultivation of cannabis as the country seeks to boost export revenue and offset the global campaign against tobacco, a major source of foreign currency, Information Minister Monica Mutsvangwa said.

The emphasis will be on industrial hemp, which is also illegal, and medicinal cannabis that “will take a long time to set up structures,” Mutsvangwa told reporters in capital, Harare. “The crop can be a good substitute to the leading export crop, tobacco, which is at risk of being banned globally.”

The southern African nation has also secured 400 megawatts of power from Eskom Holdings SOC Ltd. and will make weekly payments to settle outstanding debt with South Africa’s state-owned utility, she said.

The government will also declare the current drought a state of disaster, Mutsvangwa said. Zimbabwe has been in the grips of drought since last year, resulting in food shortages and power cuts as the Kariba hydro-plant has slashed generation.

— With assistance by Brian Latham