As part of its plan to become a global leader in cannabis production and development, Thailand will create a new international research center.
The Amara Asia Company Limited (AACL) today announced that its subsidiary RxLeaf World Medica Company Limited has signed a Memorandum of Understanding with the Thailand Public Health Ministry to establish the International Medical Cannabis Research Center (IMCRC).
A primary focus of the IMCRC will be on medical cannabis genetic research, which will assemble doctors, researchers, and experts from various countries to research and develop cannabis products and exchange related knowledge.
According to Deputy Prime Minister of Thailand and Minister of Public health Anutin Charnvirakul, the ministry has promoted medical cannabis as a safe treatment.
Charnvirakul cited a study showing that cannabis can treat diseases like cancer, multiple sclerosis, epilepsy, and neuralgia.
Charnvirakul says that COVID-19 has affected the Thai economy, and economic reform and new opportunities are necessary to address the situation.
According to AACL, the establishment of the IMCRC confirms the Thai government’s plans to promote Thailand as a comprehensive Asian medical hub and encourages the development of the cannabis value chain.
Included in the chain are product cultivation, standardization, market expansion, and support for new product investments.
“The medical industry is a key prospect for economic reform due to its global valuation at US$8.3 trillion, while the legalized cannabis market is at approximately US$12.5 billion,” says AACL. “Therefore, this is a tremendous opportunity for the country as Thailand has both the personnel and physical capability and potential to accept this challenge.”
AACL says that building a medical and wellness tourism hub will attract people who prefer integrative and plant-based medicinal products such as herbal cancer and seizure treatments.
According to AACL, the products will add value to the food and drink market and allow farmers and entrepreneurs to grow and develop sustainable products.