With Thailand’s legalization of medical marijuana in February, some experts predict that other Southeast Asian nations might move to decriminalize the plant. If that happens, it might show a major alternative for buyers in the space.
Many countries in Asia have made headlines for strict punishments for possessing, trafficking and consuming cannabis — together with, notable, the continuing bloody struggle on medicine in the Philippines. But some nations are nonetheless softening their attitude toward the once-taboo drug and bringing it to hospitals in the area.
The global legal marijuana market — together with recreational use — was estimated to be worth $13.8 billion last year and is projected to achieve $66.3 billion by the end of 2025, based on a 2018 report from California-based market research firm Grand View Research.
There are 2 extensively studied elements of the hashish plant: CBD, a non-hallucinating compound bought in the bud, oil, and tinctures, used for calming inflammation and the nerves; and THC, the psychoactive constituent that’s more usually used for recreational purposes and continues to be unlawful in most nations.
Based on a 2018 report by the European Monitoring Centre for Medicine and Drug Dependancy, each THC and CBD elements are utilized in medicinal practices however used to deal with totally different symptoms. Presently, Canada and Uruguay are the only two nations which have absolutely legalized the recreational use of marijuana. However, the piecemeal legalization of medicinal cannabis has been spreading the world over, together with, notably, nations similar to Australia, Israel, and Germany.
In Asia, Seoul, and Bangkok look to be main the way in the normalization and legalization of medical marijuana with a government license. Thailand is the one nation that has totally legalized medicinal cannabis with others actively trying into the plant’s health-care purposes, based on Prohibition Partners, an international cannabis industry consultancy.