SiGMA Group has signed an agreement with the Governor of Savannakhet. Svannakhet Province, a special economic zone in Laos sits on the Mekong River bordering Thailand – a country that has become an unlikely contender in the race to embrace the medical cannabis industry.
With the legal cannabis market in Asia set to see tremendous growth over the next few years – according to research body Prohibition Partners, the region is forecast to swell to 8.5 billion dollars by 2024 and Thailand’s market specifically projected to grow to over 600 million dollars within five years – investors are eyeing up opportunity in the region.
Laos recently formed a task committee to conduct a study on the potential of cannabis for medicinal use. Led by the Minister of Health, Dr Bounkong Syhavong, the research will look into the economic, social and political impact of the plant. In line with this the Ministry of Health submitted a proposal to build a hospital to treat cancer patients with traditional medicines extracted from natural herbs and cannabis early this year.
As a result of this exclusive agreement between SiGMA and Savannakhet, a delegation party from the Laos government will visit Malta this November 4-8, where they will attend both Cannabiz World and AIBC Summits. The delegation will also present on the Cannabiz World conference stage, where they will have two panel discussions, focusing on investment opportunities in Laos and South East Asia and research and development on the cannabis front.
“With a great climate for production, very generous tax breaks and a sizeable population that’s eager to work, I see potential in this zone, situated in the heart of mainland South East Asia, to become an economic hub with prosperous growth,” says SiGMA Group founder and CEO Eman Pulis.
Governments in the region are currently delving into the up-and-coming verticals of medical cannabis, emerging tech such as blockchain and gaming, as well as looking into areas of manufacturing. Hoping to become the region’s cannabis capital, the Thai government has recently given the green light for research and debate to kick-start future forward-thinking legislation. Their efforts are set to bring huge economical activity to the area and will likely lure businesses looking to find a foothold in new and flourishing markets.