Minister Kwon Chil-seung Visits Korea's First Cannabis Industrialization Site... "Actively Revising Regulations"

Minister Kwon Chil-seung Visits Smart Wellness Regulatory Free Zone Company
(Seoul=Yonhap News) On June 9, Kwon Chil-seung, Minister of SMEs and Startups, visited the Smart Wellness Regulatory Free Zone located in Daegu and toured the facilities of Endovision Co., Ltd., which is developing a 'wound dressing' from human-derived collagen. 2021.6.9
[Provided by the Ministry of SMEs and Startups. Resale and DB prohibited]
photo@yna.co.kr
(End)

[Asia Economy Reporter Lee Junhyung] The Ministry of SMEs and Startups announced that Minister Kwon Chil-seung visited the 'Gyeongbuk Industrial Hemp Regulatory Free Zone' located in Andong, Gyeongbuk, on the 10th.

The Gyeongbuk Industrial Hemp Free Zone was designated as a regulatory free zone in July last year. Accordingly, Andong City, the largest hemp production area in Korea, began demonstration projects for industrializing hemp in April. Minister Kwon's visit was made to check the progress of the demonstration project in the free zone and to reflect the opinions of the free zone operators in policy.

In the hemp free zone, the entire process from hemp cultivation to cannabidiol (CBD) extraction and manufacturing is thoroughly managed through a blockchain-based system. Additionally, smart farm technology that precisely controls the optimal environment for hemp growth to increase CBD content has been applied. The Ministry of SMEs and Startups explained that once full-scale commercialization is achieved, it is expected to greatly benefit farmers' income.

On the day, Professor Choi Hyung-woo of Andong University introduced hemp, which is gaining attention as a high value-added bio-industrial resource in major overseas countries such as the United States and Europe, through a presentation on 'Domestic and International Hemp Industry Trends.' During the open discussion, issues faced by operators during the demonstration process, such as support measures for free zone operators, development of overseas sales channels for CBD, and alleviation of social prejudice, were discussed. Kang Jong-su, CEO of Yuhan Health Life, stated, "The regulatory clouds over the hemp industry are clearing through the regulatory free zone," adding, "We will develop hemp as a new bio-material and seize the opportunity to pioneer new markets."

Minister Kwon said, "Since social prejudice against hemp is still high, please manage hemp safely and strive to successfully complete the demonstration," and added, "The Ministry of SMEs and Startups plans to actively revise regulatory laws in consultation with related ministries to open new markets."

Meanwhile, following the hemp free zone, Minister Kwon visited the functional food manufacturer 'Wellchural Bio' and the century-old small business 'Myeongin Andong Soju.' After this visit to the Daegu-Gyeongbuk region, Minister Kwon plans to visit other regions to check how much the Ministry of SMEs and Startups' support policies are actually helping on the ground.

This content was produced with the assistance of AI translation services.