Science and technology minister says decision will help country make inroads into CBD market
The federal cabinet on Tuesday approved licenses for the Ministry of Science and Technology and Pakistan Council of Scientific and Industrial Research (PCSIR) to explore the medicinal and industrial use of hemp, a variety of cannabis.
“Cabinet has approved first license for Ministry of Science and Technology and PCSIR for industrial and medical use of hemp,” Science and Technology Minister Fawad Chaudhry announced on Twitter following the cabinet meeting. “Landmark decision will place Pakistan in billions of USD CBD market,” he added, referring to cannabidiol, a naturally occurring chemical compound that is used in products like oils and edibles to impart a feeling of relaxation and calm.
A market analysis report compiled by Grand View Research found that the global CBD market was valued at $4.6 billion in 2018, with annual growth of 22.2 percent predicted from 2019 to 2025.
Unlike hash or marijuana, CBD has no psychoactive effects and is often used in medical applications such as treatment of anxiety and depression, stress relief, diabetes prevention, mitigation of pain, alleviation of cancer symptoms, and acne reduction.