First-mover regional nations are eyeing windfall profits as the marijuana industry sprouts and spreads worldwide
One after another, Asian nations are rethinking their stance on marijuana. Growing commercial acceptance and promised economic gains of legalization have spurred a wave of liberalization that has seen a rising number of industrialized countries allow the use of marijuana for medical and recreational purposes.
Pot has gone from illicit substance to up-and-coming commodity in the span of a few years as global investors, portfolio managers and high-ranking executives tread on what was once the turf of the neighborhood dealer. Multi-billion dollar growth projections have even started to give pause to lawmakers in staunchly anti-drug Southeast Asia.
Thailand is slated to become the region’s first country to allow the medical use of marijuana after a military-appointed legislative assembly vote on December 28 backed the measure. Though the Buddhist-majority country still plans to retain penalties for recreational use, analysts see the reversal on medical marijuana as a precursor to more liberalization.
Although Southeast Asian nations have until now had little tolerance for marijuana, seen in some the world’s strictest narcotics laws, scientific studies espousing the plant’s medicinal benefits and its fast-growing corporate commoditization have sparked a new debate.
Nile Bowie is a writer and journalist with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
One after another, Asian nations are rethinking their stance on marijuana. Growing commercial acceptance and promised economic gains of legalization have spurred a wave of liberalization that has seen a rising number of industrialized countries allow the use of marijuana for medical and recreational purposes.
Pot has gone from illicit substance to up-and-coming commodity in the span of a few years as global investors, portfolio managers and high-ranking executives tread on what was once the turf of the neighborhood dealer. Multi-billion dollar growth projections have even started to give pause to lawmakers in staunchly anti-drug Southeast Asia.
Thailand is slated to become the region’s first country to allow the medical use of marijuana after a military-appointed legislative assembly vote on December 28 backed the measure. Though the Buddhist-majority country still plans to retain penalties for recreational use, analysts see the reversal on medical marijuana as a precursor to more liberalization.
Although Southeast Asian nations have until now had little tolerance for marijuana, seen in some the world’s strictest narcotics laws, scientific studies espousing the plant’s medicinal benefits and its fast-growing corporate commoditization have sparked a new debate.
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