Last updated on September 17th, 2023 at 07:20 am
The Thai Cannabis Industrial Park has partnered with a major private sector entity from Laos, specializing in cannabis, to develop strains and produce CBD extracts from cannabis. This collaboration aims to penetrate the global tourism market and establish Asia-level Wellness Centers.
On September 13th, at the First May Group Sale office in Vientiane, Laos, Mr. Wisarat Phochprasat, the executive chairman of the Thai Cannabis Industrial Park in Kanchanaburi, revealed that they have signed a memorandum of understanding with Mr.VIRADETH BOUPHA, the executive chairman of the First May Group Sale in Laos. This group is involved in construction, machinery distribution for Volvo, concrete sales, real estate, and health-oriented bottled water production under the name First Hemp. They are the largest licensed cannabis cultivators in Laos, with over 700 acres.
This collaboration will focus on cultivating cannabis plants, producing CBD extracts, and researching cannabis strain development. They will also work on setting cultivation standards, production, and extraction of essential compounds for medical and cosmetic purposes. Furthermore, they aim to promote tourism and establish Wellness Centers across Asia. This partnership is expected to stimulate the economy with a value exceeding 6 billion baht. It will also pave the way for the development of CBD extraction processes from cannabis for medical research and the establishment of Asia’s leading extraction facilities for controlled herbal plants.
One of the significant outcomes of this collaboration is job creation at the local level, employment opportunities, and skill development for the workforce. More importantly, it will elevate the standards of cannabis strains and foster stronger relationships among countries in the region, including Thailand, Laos, China, Vietnam, Cambodia, and Malaysia. This partnership aims to enhance the collaboration and development of a network for the production of controlled herbal medicine and alternative medical practices.
This move signifies a significant step towards recognizing controlled herbal plants as a genuine economic crop. The collaboration between the two parties will not only boost the economy but also contribute to the research and development sector, emphasizing the medical benefits of cannabis and its potential in the global market.
In conclusion, the partnership between the Thai Cannabis Industrial Park and the Laotian private sector is set to revolutionize the cannabis industry in Asia, bringing forth new opportunities, innovations, and strengthening ties among neighboring countries.