When people think of the cannabis industry, their minds immediately go towards the states within the U.S., Canada, or Israel. These are some of the superpowers at the forefront of the industry being revamped at this current moment in time. With billions of dollars being spent to develop new companies and drugs based on cannabis, there is a hidden player in the game looking for a spot amongst the bigger guys.
This powerhouse is not one that most people expect, and that is China.
There are a small number of Chinese provinces that are currently in the process of cultivating hemp and which now make up more than half of the world’s legal hemp manufacturing.
Given China’s very public, hard stance on the plant, it is surprising to think that any form of it would be legal within the country. A law states that if you have more than five kilos of the plant, you can get the death penalty. This leads to the expectation that the country as a whole would not be inclined to have any connection to cannabis or hemp for that matter.
Given that the hemp plant is very valuable; almost 10,000 yuan per hectare of it, the business from hemp production is extremely beneficial to the country’s economy. With massive applications for the plant including medicine, cooking, and textiles, they can use it internally as well and not just for export.
With a recent boom in the amount of farmers growing the plant, research and development has grown massively as well. Hemp has many benefits that China can utilize for itself such as its use as a breathable, antimicrobial fabric for military uniforms. The research China has conducted has resulted in more than half of the 600 worldwide cannabis-related patents, being awarded to China.
This could potentially grow the industry in China, making them a world player in the game of Cannabis.