Today, PRNewswire reported that Thailand’s Public Health Ministry signed a Memorandum of Understanding (MOU) with the renowned RxLeaf World Medica to build and establish the International Medical Cannabis Research Center.

The new cannabis research center partnered with RxLeaf World Medica is a way of Thailand planting its feet in the cannabis industry and working to become a world-class cannabis production and development hub.

PRNewswire noted that the International Medical Cannabis Research Center aims to be a knowledgeable site for genetic research on medical-grade cannabis. The center will gather doctors, researchers, and experts from Canada, the Netherlands, and other countries to carry out thorough cannabis research and product development while maintaining, exchanging, and accumulating medical cannabis knowledge.

In a media release, Deputy Prime Minister of Thailand and Minister of Public Health, Mr. Anutin Charnvirakul, said that he’s excited to support medical cannabis and how it’s safe and effective for treating various illnesses. His team at Thailand’s Public Health center conducted a study that found how cannabis can treat diseases like cancer, epilepsy, multiple sclerosis with muscle pain, and neuralgia.

He added that Thailand’s economy saw a severe decline during the COVID-19 pandemic, so he hopes that the country will see some economic reform with the opportunities at the medical cannabis research center. Thailand’s new research center is the perfect way for the country to promote itself as Asia’s comprehensive medical hub. They will do so with product cultivation, standardization, market expansion, and investing in new products.

According to data from the World Health Organization, the medical industry is valued at USUS$8.3 trillion, and according to Prohibition Partners, the legalized cannabis market is worth roughly US$12.5 billion. Therefore, it’s no secret that there’s some economic relief to be found in the medical cannabis industry.

Not only this, but with Thailand creating a medical and wellness tourism hub, this would likely attract those who lean towards plant-based medicines and products like herbs used for cancer or epilepsy and other cosmetics and dietary supplements. In addition, these products will also boost the food and drink market, where farmers and entrepreneurs can grow and develop related products.

The new partnership between public and private sectors to establish the International Medical Cannabis Research Center under the MOU agreement with RxLeaf Work Medica Company Limited will not only bring Thailand a safe and reliable place for conducting research and developing medical products but will also boost their economy after the negative toll resulting from the COVID-19 pandemic.