Whether Asia’s governing forces like it or not, the medical marijuana business is developing in numerous Asian countries.
Identical to current U.S states, the uphill battle with medical marijuana is a long hike. With Asia’s governments relaxing their views on the once unlawful drug, many are hoping to reap the benefits of the plant.
Moreover, locations like Thailand and South Korea have legalized the use of medicinal cannabis in the past ten months. Unlike U.S hospitals, Asias hospitals are preparing to test the use of medical marijuana on patients willing to find relief, thus avoiding expensive and dangerous pharmaceuticals.
In the Philipines, a bill to legalize and monitor medical cannabis was approved in January of 2019. The House of Representatives awarded the approval, yet only time will tell if medical marijuana will be legal.
The Philipines (the eighth-most-populous nation in Asia) has undeniably sowed the seed in the legal grounds for a functional enterprise.
Not for recreational use
Unlike the Western demand for marijuana, where recreational use is presumed to exceed medicinal marijuana, Asia’s market will be driven by medicinal users.
Regions within Asia such as:
will have a majority of its users seeking the medical benefits of cannabis.
The worldwide legalization of medical marijuana, including recreational, is valued at:
“$13.8 billion in 2018 and it will reach $66.3 billion by 2025, according to California-based market research group, Grand View Research”.
Regardless of the legalization, many remain hesitant in entering investment possibilities. Mainly because of the long-standing social stigma encompassing the plants past. Students both International and within the U.S seem to be creating a growing trend. Opposite to the Grand View Research, Barclays estimates that by the year 2018 the International Cannabis market can become valued as much as USD 272 Billion.
The approval of medical cannabis will be stagnant in Asia because rates of everyday cannabis use are lower than the West. Moreover, Asian policies towards the use of prohibited drugs are extremely disciplinary,” remarked Wayne Hall, substance abuse research professor at The University of Queensland.
Albeit, Uruguay and Canada are the two countries that have entirely authorized the recreational use of cannabis.
However, calibrated legalization of medicinal marijuana is entering the minds of many worldwide. From the looks of it, marijuana may hold the same future as alcohol. Again, only time will tell as history plays out before us.