The medical cannabis industry in Asia

Cannabis has been around for centuries being used for a variety of purposes. But due to its psychoactive nature, a plethora of its benefits are often neglected.

However, we are experiencing changes in the legal scenario of cannabis around the world. These winds of change are also seen lately in Asian countries such as Thailand or South Korea.

What is medical cannabis?

Historically cannabis has been used as a medicinal option by many societies. Research studies indicate that cannabis contains a lot of beneficial compounds called cannabinoids. Some of the most researched cannabinoids include THC, CBD, CBN and CBG.
These cannabinoids offer therapeutic benefits due to their analgesic, anti-inflammatory, antiemetic abilities. Scientists also believe that cannabis can offer an entourage effect to the user which means that when all the cannabinoids of cannabis are used simultaneously, the user gets enhanced benefits of all the compounds.

Medical Cannabis industry in Asia

The medicinal cannabis market of Asia can reach USD 5.8 billion by 2024, according to the Asian Cannabis report. The medical Cannabis market in Asia and the Pacific is expected to reach USD 11.49 billion by 2026 with a rate of 25.3 per cent
In Asian countries acceptance of cannabis and change of attitudes towards it, especially medical cannabis, is due to the following factors:

– Increasing R and D activities for drug discovery by using medicinal cannabis

It is believed that increasing authorisation and R&D activities in this sector will fuel this market to exponential growth. For example, in January 2018 the Australian government allowed Cannabis manufacturers to market and legalised the medical cannabis product shipment to many countries.

Disease occurrences

Due to the rising occurrence of chronic diseases such as osteoarthritis and cancer in Asia, cannabis is actively being used in clinical studies to generate formulas that can manage these diseases especially in older people of Asian countries.

Awareness

The cannabis plant market in Asia is also growing because of increasing awareness of the general public about the therapeutic potential of Cannabis.

Investments

We are also witnessing that major global players are investing in the cannabis sector in different parts of Asia that are additionally expected to favour the cannabis medicinal market in Asia.

Asian countries accepting cannabis

Many Asian countries have made headlines for strict penalties for consuming, trafficking and possessing cannabis. Lately, some South-East Asian countries have started to normalise their medicinal use.
For example, Thailand is the only country in Asia that has fully legalised medicinal cannabis in Asia. The country has unveiled its first cannabis greenhouse in February 2019. Following Thailand, South Korea is the first East Asian country that surprised many others by legalising medical marijuana in March 2019.

After that, in the same month, Japan also approved the trials of Epidyolex, a drug containing a compound of cannabis for epilepsy treatment. Meanwhile, Cambodia and Laos are also exploring ways to legalise medical cannabis. Other strict countries such as China, Singapore and Malaysia are also involved in research on the medicinal potential of cannabis.

Obstacles in Asia

Unlike in the West, only a few Asian countries have softened their laws and regulations regarding medicinal cannabis. Therefore, for the market to fully flourish and reach its potential, in Asia there are a lot of obstacles that may hinder the growth such as:

– Consumption of cannabis in large amounts is associated with heart attacks and tachycardia. These unneglectable side effects are a major hindering factor for the growth of the medicinal cannabis market in Asia.

– Moreover, different Asian governments such as the Japanese, Chinese and Indian governments have very strict laws regarding the processing, manufacture and use of medicinal cannabis that will serve as a significant obstacle in the market growth.