Medical Cannabis Growing Operation in Oakland, California (Image courtesy of Flickr/CCL)
JEONJU, Dec. 21 (Korea Bizwire) – Jeonbuk Special Self-Governing Province has taken its first step toward establishing a medical cannabis industry, aiming to position it as a core future growth sector.
On December 20, Jeonbuk signed a memorandum of understanding (MOU) with the Cannabis Research Institute of Colorado State University during a ceremony at the Jeonbuk Center for Creative Economy and Innovation.
The agreement included nine other organizations, including Jeonbuk Research Institute, Jeonbuk National University, Wonkwang University, and domestic medical cannabis research firms.
The collaboration outlines plans for:
- Establishing a joint research body for medical cannabis and providing research support.
- Sharing clinical and preclinical trial resources, including facilities, equipment, and data.
- Achieving international certification standards.
- Identifying policies for fostering the medical cannabis industry.
- Addressing regulatory and legislative hurdles.
Although medical cannabis is gaining global recognition for its efficacy in alleviating pain, neurological disorders, and cancer-related symptoms, its use in South Korea remains tightly regulated under narcotics laws.
The global medical cannabis market is projected to grow by more than 13% annually, reaching $40 billion by 2032.
O Taek-rim, Director of the Future Advanced Industry Bureau of Jeonbuk, emphasized the potential for integrating medical cannabis into the region’s bio-medical sector. “Jeonbuk sees medical cannabis as a promising driver for advanced bio-industry development,” he said.
This initiative reflects Jeonbuk’s ambition to lead South Korea’s entry into the burgeoning global medical cannabis market.
Ashley Song (ashley@koreabizwire.com)
