Many Asian countries hold contradictory positions on the use of cannabis. On the one hand, cultivation is partially allowed, consumption has been decriminalised and research on the use of medical cannabis is government financed. On the other hand, restrictions apply that limit use to CBD, allow cultivation but not consumption and prohibit certain therapeutic applications, to name just a few examples.
Geopolitical interests intermingle with scientific facts and social demands, resulting in confusion and ambiguity. And if you add to this the economic aspirations of the various countries, the situation becomes all the more grotesque. Still, the Asian giant is poised to establish itself as one of the biggest players in the global market of CBD. And bordering countries may follow suit. We're talking of...
While both medical and recreational cannabis are illegal in China, CBD products are allowed if licensed by the Government. Cannabidiol is a common ingredient in traditional Chinese medicine, and its therapeutic potential is currently being studied by various research groups.
With around 10 million people being diagnosed with epilepsy every year, China represents a huge potential market for CBD products, all the more considering that the Government is promoting the use of natural medicines like CBD over synthetic anti-epileptic drugs.
And it seems just a matter of time that the Chinese cosmetic industry, too, embraces CBD, developing creams and skin care lines with the cannabinoid as main ingredient. According to estimates, the beauty and wellness industry is set to become the main driving force of the burgeoning Chinese CBD market.
China is also the world's largest hemp producer, leading the way not only in number of legal plantations, but also of licenses – half of the world's 600 patents are held in China. This puts the country in a prime position to compete with the rest of the world, reaffirming itself as the dormant giant that could dominate the global market of CBD in the next few years.
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