Medicox 추진 Laos Medical Cannabis Research and Cultivation Project

[Asia Economy Reporter Jang Hyowon] MedicoX, a KOSDAQ-listed company, is entering the medical cannabis new business.

On the 18th, MedicoX announced that it signed a Memorandum of Understanding (MOU) with Cultiva LLC to jointly pursue the medical cannabis business. Since last year, Cultiva has been jointly promoting the medical cannabis business with the Institute of Traditional Medicine under the Ministry of Health and Welfare of Laos, and through this MOU, MedicoX will participate in the project.

Cultiva is a business operator authorized by the Laos government for the entire cycle of medical cannabis crops, including research, experimentation, and cultivation. It has been promoting research and development as well as production and application of various bio-products such as oil, beverages, textiles, and supplements derived from cannabis cultivation.

Through this MOU, MedicoX secured the status of a joint business operator with Cultiva to revitalize the local medical cannabis industry in Laos by ▲obtaining exclusive distribution rights for medical cannabis in the domestic and Taiwan markets ▲participating in the construction and operation of a three-story cannabis research and development facility ▲product approval and quality review ▲dispatching personnel for research and development and facility management.

The company explained that the Laos government has expressed strong willingness to commercialize the medical cannabis industry and has already allocated land necessary for building laboratories for research, testing, and certification of medicinal plants.

Oh Daehwan, CEO of MedicoX, stated, "Since the cooperation also includes conditions for securing exclusive distribution rights in additional overseas markets beyond domestic and Taiwan markets within the scope of not infringing intellectual property rights, we plan to devote all efforts to successfully carry out this project." He added, "Medical cannabis is considered a substitute for various expensive rare and intractable disease treatments such as epilepsy, and it is emerging as a highly promising bio-industry sector with active global research and development today."

According to the global market research firm Grand View Research, the medical cannabis market, expected to grow at an average annual rate of 16.8%, is projected to reach $16.75 billion (approximately 20.5137 trillion KRW) by 2030. Centered on the North American markets such as Canada and the United States, over 50 countries worldwide have already legalized medical cannabis. In Korea, the Ministry of Trade, Industry and Energy selected a national project in 2020 aimed at establishing an industrial base for plant factory production crops, including medical cannabis. The Ministry of SMEs and Startups, together with Gyeongsangbuk-do Province, designated Andong City as a regulatory free zone for industrial cannabis to verify safety and commercial viability, continuing ongoing discussions.

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