Malaysia's new move on medical cannabis brings business opportunities
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E-mail China.org.cn, November 19, 2021
Malaysia recently announced that it will allow the import and use of cannabis products for medicinal purposes if the products comply with government regulations, according to a report by Malaysian news outlet Malaysiakini.
The report said local groups and individuals called for this to be reflected by amending existing laws where cannabis is banned in the country, while a lawyer added that pending criminal cases regarding medical cannabis should also be reviewed.
If approved, the plan will signal huge opportunities for cannabis hemp companies to extend their business in the country.
Such cannabis products can only be imported by those with a license and import permit, and must be submitted to the Drug Control Authority (DCA) of Malaysia to be evaluated and registered in order to be marketed in Malaysia.
Hempu Time, a Chinese company specializing in cannabis hemp products, is preparing to debut cannabis sprays in Malaysia. "We are in the initial step of registration with the Ministry of Health of Malaysia to sell products," How Ying Chong, Hempu Time's business partner in Malaysia, told China.org.cn.
The new policy change provides a platform for cannabis hemp in Malaysia, How said. The prospects are encouraging, and the products are definitely more popular than they were 10 years ago, he added.
Malaysia plans to publicize knowledge of cannabis hemp in its educational system, from primary schools to colleges and universities, as it is crucial for people to know the differences between cannabis hemp and cannabis marijuana, according to How. Relevant departments are drafting laws and regulations in this regard, which are expected to be released within a year. A hemp university for training and research into cannabis hemp will also be established, How added.
"We now hold the key to open the door of the Malaysia market. Hempu Time is the first company to enter the medical cannabis market of Malaysia," said Ji Han, CEO of Hempu Time. The company sees huge potential in the Malaysian medical cannabis market, which is predicted to reach 400 billion ringgit (about $95.7 billion) in the next four years, said Ji.
Medical cannabis is now considered by many countries as a cash crop capable of boosting the economy in the post-pandemic world. Estimates suggest that the value of the hemp industry worldwide from 2021 to 2027 will total around US$200 billion.
