Pakistan is setting up a regulatory body for the cannabis trade. The country aims to capitalize on the growing market for medical and industrial cannabis products.
What Happened: Pakistan is establishing a legal framework for the cannabis trade following the government’s approval of the herb for industrial uses almost four years ago. The move is expected to boost the country’s foreign exchange reserves, reported Nikkei Asia on Monday.
The new regulatory body, the Cannabis Control and Regulatory Authority, will be responsible for issuing licenses to growers and sellers, as well as designating regions for cultivation. This initiative is part of a broader effort by the current coalition government to increase exports and reduce reliance on foreign loans and IMF bailouts.
A senior official from the Special Investment Facilitation Council, leading government initiatives to attract investments and revitalize the economy said “We are very serious about this initiative, and things are moving at a very fast pace,” according to the report.
The regulatory body will also oversee the production and sale of cannabis derivatives, such as THC and CBD products, for medical use. Strict penalties will be imposed for any violations.
Despite the potential for abuse, some medical professionals believe that regulated cannabis products could offer relief to patients with chronic pain and diseases such as fibromyalgia and epilepsy.
“Prescription drugs should be encouraged, but not over the counter,” said Rawalpindi-based doctor Rashid Iqbal, who prescribes CBD oil to his patients and also advocates for cannabis legalization.
“The DRAP (Drug Regulatory Authority of Pakistan) should ensure this. Misuse of cannabis is possible, but then ephedrine (used to treat low blood pressure) is a lifesaving drug and is misused, too.”
Why It Matters: Pakistan’s move to regulate cannabis comes at a time when the global cannabis market is rapidly expanding. In Europe, for example, the premium cannabis brand TYSON 2.0, co-founded by Mike Tyson, is partnering with PHCANN International to expand its footprint in Germany and the UK.
Meanwhile, in the U.S., the issue of cannabis reform is gaining traction as the 2024 presidential election approaches. President Joe Biden has been championing cannabis reform and pardon as a key issue in his campaign.
With the recent granting of 137 new cannabis licenses in New York and New Jersey, the U.S. cannabis market is also experiencing significant growth. These developments indicate a global shift in attitudes towards cannabis, with more countries recognizing its potential for medical and industrial use.
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