Asia consists of almost 50 countries and they their piece of the cannabis industry. Looking at the countries involved in the international cannabis market, it becomes evident cannabis is dominating the business world. This is due to the importance of diversification, common goals as well as local and global co-operations.
The general attitude of Asia tends to be rather conservative due to the harsh governmental laws. Countries, such as Singapore and Malaysia, have the death penalty for drug offenses. Cannabis is illegal because of the declaration of the International Opium Convention from 1927. The Cannabis Control Acts made many Asian countries take over the “zero tolerance approach” towards recreational cannabis meaning criminalization. This included the Philippines and Myanmar. In terms of security, Myanmar is currently negotiating the possibility of changing the law enforcement approach. They are working towards a more relaxed approach which perceives and handles drugs as a public health issue.
Medical Cannabis
The presence of medical cannabis is strong in comparison to other continents. About 86 million of Asian’s inhabitants consume cannabis each year. Where 38 million of them reside in India, the producing country of legal opium.
Cannabis has been used in medical practices since ancient times. Therefore, the potential to expand cannabis legalization faster is present. South Korea and Thailand are the only two countries in Asia who have legalized cannabis for medical purposes.
The words “bong” and “ganja” actually stem from Thailand.
The Medical Cannabis Act in the Philippines permits consumption if the person is diagnosed with specific medical conditions. These conditions would include arthritis, epilepsy, cancer, HIV and multiple sclerosis. A licensed medical cannabis center is located inside a hospital where patients can receive their treatment.
Malaysia’s health ministry has been embracing the idea of legalizing medical cannabis by working on developing cannabis programs. They are waiting for more evidence on the safety and capability to cure medical conditions.
Japan and China have the largest medical cannabis market, contributing to 90% of the market. The Philippines and China are considering relaxing their cannabis laws, allowing more cannabis research and encouraging medical cannabis programs. China is the hub for hemp with almost half of the global supply. Combining both the strong presence of hemp and medical cannabis in Asia.
Prohibition Partners predicts Asia will become a valuable player in industrial cannabis and cannabidiol. With this in mind, more opportunities will open up, especially for Western cannabis businesses wanting to expand and blossom here. By 2024, Asia’s medical cannabis market is expected to reach a value of about US $5.8 billion.
A Global Look
There are many differences in cannabis from country to country. Some continents have better resources in one area than others, such as economic capital vs. human capital. Legalizing medical and recreational cannabis in one country and only having medical cannabis in another country affects business opportunities. Lacking resources affects the quality of cannabis product in the given country.
Then you have those who are better producers than distributors, while some depend on other countries more than others. Putting aside the competition factor and focusing on each other’s potentials will help cooperation and sustainable investments become possible. Coming together, contributing, and sharing resources and strategies is necessary for a successful international cannabis market to keep on growing. The more structured and transparent a regional cannabis market is the more it can grant high security levels. This will simultaneously benefit the individual society and global economy. The international cannabis market, where it stands today, is still evolving. Its existence is proof the legalization of medical and recreational cannabis have more advantages than hurdles.
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