- December 21, 2018
- Posted by: admin
- Category: Blog, Economics
South Korea legislature has passed the Medical Cannabis Law for the first time on 23rd November 2018. This is the first ever nation to pass a cannabis bill in the East Asian region. The law, though, is still not passed, however, the bill has been passed and approved by the National Assembly of the country and Ministry of Food and Drug Safety.
The nation and the assembly have admitted that THC and CBD infused medicines are extremely helpful for the treatment of rare diseases. Now, the MFDS has to set the regulations and amount on the consumption of cannabis medicines for treating patients. This may lead to the establishment of legal Marijuana Banking Solutions in the country as well in the future.
Talking about the legislature decision, the spokesperson has stated that before the law will be established, there must be some important clause to be considered, and for example, the consumption of the medicines will be extremely restricted. Doctors’ team will decide how the patient will be treated through cannabis medicines.
Some of the medicines and their components will be imported from the United States and the United Kingdom. It has been reported that the import will be started from the early months in 2019, though, nothing is finalized yet. Rest of the medicines will be supplied by the Korean Orphan drug Centre. This center is responsible for supplying medicines for rare and difficult diseases in South Korea.
The country was fighting in support of cannabis medicines for a long time. In the month of July 2018, the country legislation got the support of MFDS when the Epidiolex (CBD-infused medicine) got approved as Schedule V (5) medicine. Epidiolex is the medicine used to treat rare epilepsy. It contains parts of cannabis plants.
Also, the nation has started Korea Cannabinoid Association after the bill was approved by the MFDS and National Assembly. Apart from South Korea, many other nations in Asia are showing interest in the legalization of medical cannabis as the drugs are showing enough potential to treat rare diseases such as HIV/AIDS, rare types of cancer and so on.
According to the CEO of Toronto based Capital Company, the legalization of cannabis medicine will be a great step for South Korea. This will impact the global cannabis industry in a much more positive way. This may also lead to a proper cannabis payment processing for the manufacturers and customers in the future.