During our Cloud Talk webinar on June 23, Gen.T discussed Asia's growing cannabis industry with three industry insiders
At the latest edition of Cloud Talk, Gen.T invited three speakers to discuss the historical and cultural significance of cannabis in Asia, as well as the region's growing appetite for the controversial drug.
Around the world, countries are slowly opening up to the idea of legalising cannabis for medical use and research. In 2018, the global legal marijuana market, including recreational use, was estimated to be worth US$13.8 billion. The amount is expected to reach US$66.3 billion by the end of 2025.
In Asia, the market is currently much smaller, as the drug remains illegal in most Asian countries. But the tides are changing. In 2018, Thailand became the first in Asia to legalise medical marijuana. It later became the first to open a full-time clinic dispensing cannabis-based medications. The governments of the Philippines, South Korea and Japan are also debating medical cannabis legalisation. Is the region finally softening its stance?
The Panel
Gen.T honouree Chidchanok Chidchob, entrepreneur Chokwan Kitty Chopaka and investor Brian Sheng tackled this question in our Cloud Talk session on June 23, taking a look at the potential "green wave" that's about to sweep the region.
Chidchanok Chidchob co-founded Thailand's Pan-Ram festival, where she promotes the benefits of legalising medical cannabis in Thailand. "A lot of people still view it as a drug, and when you suggest anything else, they become very angry and say we will all become lazy if we legalise it," she said in an interview with Gen.T. "But that’s what I’m here for: to try and change people’s perceptions, because underneath all the bad press, the health benefits of [cannabis] are undeniable. And it is far less dangerous than alcohol.”
Chokwan Kitty Chopaka is the founder and CEO of Elevated Estate, a cannabis-focused incubator, fund, events and consulting firm. On a bi-annual basis, Elevated Estate releases a Cannabis Report that provides insights on the trends in the local, regional and international markets. During the session, she focused on the growing cannabis startup scene and the potential growth of the industry in Asia for investors.
Brian Sheng is the founder and CEO of Asia Horizon, a private equity investment company specialising in the emerging hemp-derived cannabinoid industry in Asia. He has been invited as a speaker at major industry conferences such as China's first International Hemp Industry Forum, hosted by the Heilongjiang government. He also hosted the first Cannabis & Hemp Government and Industry Investment Summit in Hong Kong in 2018. Asia Horizon has since published its first-ever white paper on the China hemp-derived cannabinoid industry, detailing insights from key players in the public and private sectors, you can view their webinar here.
Here are the key takeaways from the session.