THC - Pakistan Launches Regulatory Body For Cannabis Trade To Fuel Economic Growth | Benzinga
Pakistan is setting up a regulatory body for the cannabis trade. The country aims to capitalize on the growing market for medical and industrial cannabis products.
What Happened: Pakistan is establishing a legal framework for the cannabis trade following the government’s approval of the herb for industrial uses almost four years ago. The move is expected to boost the country’s foreign exchange reserves, reported Nikkei Asia on Monday.
The new regulatory body, the Cannabis Control and Regulatory Authority, will be responsible for issuing licenses to growers and sellers, as well as designating regions for cultivation. This initiative is part of a broader effort by the current coalition government to increase exports and reduce reliance on foreign loans and IMF bailouts.
A senior official from the Special Investment Facilitation Council, leading government initiatives to attract investments and revitalize the economy said “We are very serious about this initiative, and things are moving at a very fast pace,” according to the report.
The regulatory body will also oversee the production and sale of cannabis derivatives, such as THC and CBD products, for medical use. Strict penalties will be imposed for any violations.
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