Ljubljana, Slovenia, Aug. 23, 2019 (GLOBE NEWSWIRE) — RAFARMA PHARMACEUTICALS INC. “OTC:(RAFA) – Rafarma is positioning to expand its operations in the “next big thing” in cannabis production—Thailand.
Rafarma is currently in talks with Thai partners to open cannabis farms and specialized cannabis spa and detox centers in Thailand. Projected plans are to construct hemp growing greenhouses as well as a specialized spa/detox center with full-control patient living facilities the following year on approximately 1000 rai (160 hectares) in the Ranong province of Thailand.
“The forecast for the legal cannabis market in Asia is rosy—it’s expected to swell to $8.5 billion by 2024 from practically nothing today. One of the main questions surrounding this potential market is which country will establish an early lead as a supplier. Surprisingly, Thailand has a good shot” according to Bloomberg Businessweek (https://www.bloomberg.com/news/articles/2019-07-18/thailand-is-poised-to-take-an-early-lead-in-the-cannabis-race?fbclid=IwAR3fOOtTNK1-haU3dGgUyEspc3rD1QPZX99Ddvru1VaflVDcIRhzs287M_Y)
Despite its history of tough drug laws, Thailand is looking to become the region’s cannabis capital. On February 20, 2019 Thailand passed an amendment to its current drug laws legalizing marijuana production for agricultural, commercial, medical and industrial purposes. The Bloomberg article goes on to report that in addition to changes in the laws, a key member of the current government coalition is pushing for full legalization of Thailand’s marijuana market, projected to grow to $661 million within five years, according to cannabis industry researchers.
Based on the legal changes, the Thailand Ministry of Health has undertaken several steps allowing storage of cannabis for medical and research purposes. Also, possession of cannabis is allowed for government organizations, private universities, private enterprises, farms, and for international logistics carriers and patients. Thailand is currently one of the first countries in the world that is expected to further relax laws to allow recreational cannabis use in the near future.
Already, under current laws, scientists that practice traditional Thai medicine (the Spa Industry), as well as doctors, the Red Cross and farms that receive the permission from the government, are allowed to store and sell cannabis. The Thailand Ministry of Health officially recognized the properties of cannabis for wound healing, pain analgesia, after-illness or surgery rehabilitation, expectoration, cholagogue, anti-cancer, anti-stress, anti-depression and anti-insomnia.
As Thailand already offers the opportunity of combining the production of cannabis with its use and sales in unique specialized SPA centers and detox centers, and as such applications fully comply with current legislation, Rafarma is poised to meet the demand.
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