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Although pot remains taboo in China, the country is making appreciable inroads in the cannabis industry, according to The New York Times.
What Happened
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China is plunging headlong into cannabis cultivation, with two of the 34 regions in the nation leading the way, according to the Times report.
The purpose is to extract cannabidiol, or CBD, which lacks euphoric side effects and does not produce a high.
Given that CBD is not authorized for consumption in China, it is being extracted and marketed abroad to be used in oils, sprays and balms — and as a treatment option for diseases such as insomnia, acne and diabetes.
Hanma Investment Group, which has been issued a license to extract CBD through one of its subsidiaries, cultivates hemp from which CBD is then extracted in oil and crystal form at a factory situated in a restricted zone, according to the Times.
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The legalization of medicinal marijuana in many countries and recreational cannabis in a handful has rendered cannabis cultivation too good of an opportunity to pass up.
Although hemp was cultivated in China as far back as 2,800 BC to be used for rope making, cultivation was banned by The People's Republic of China, with the punishment in extreme cases being death.
Industrial hemp cultivation restarted in China in 2010, with mostly the fiber of the plant being used for making ropes and uniforms for the People's Liberation Army. China now grows half of the world's hemp, according to The Economist.
China allows the sale of hemp seeds and hemp oil and the use of CBD for cosmetics.
What's Next
The local industry believes it is a matter of time before China approves CBD for consumption internally, which could boost the country's burgeoning CBD sector, according to the Times report.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.