Leading genomics firm driving adoption of biotechnology to improve cannabis production in geographies around the world
BEVERLY, Mass., Jan, 30. 2020 /PRNewswire/ — Medicinal Genomics Corp. (MGC), a pioneer in harnessing cannabis genomics to improve the agricultural productivity, safety, and transparency of cannabis, today announced its partnerships with three major distributors in developing cannabis markets in two geographies: Sanitas SAS in Columbia; Analytical Technology SA in Argentina, Panama, Paraguay and Uruguay; and Genomax Technologies in Thailand. Both of these regions are in various stages of legalization, indicative of the great strides cannabis is making around the world.
Uruguay was the first country in the world to decriminalize cannabis use, and some have predicted that this small South American nation, with a population of only 3 million, will be the first country whose legal cannabis exports exceed $1 billion. Meanwhile, its neighbors in South America, Argentina, Chile, Colombia, Paraguay, and Peru have all taken the first steps to legalize some form of cannabis use, with more relaxation of regulations being discussed.
As more South American countries come online, they are looking to their considerable agtech expertise to jumpstart their entry in medicinal cannabis and medical cannabis research. Together with abundant land, ideal growing conditions, and relatively inexpensive labor, these countries are responding to their populations who are pushing their respective governments for more and more deregulation governing various aspects of cannabis use, including adult use, home grows, hemp production, and export. This is also a region that has long-standing plant-based healing traditions in which cannabis has long played a major role. These market dynamics have combined to touch off something of a gold rush with many American, Canadian, and European firms pouring in to make investments, buying land and setting up satellite operations.
Last December, Thailand took the progressive step to legalize cannabis for medical and research purposes, becoming the first country in Southeast Asia to do so. That development has touched off a bit of a “green rush” that could eventually make cannabis the country’s main cash crop. Investment in the new sector has not been limited to private companies, either. Recently, the government completed work on a large-scale medical cannabis growing and processing facility capable of producing as many as 12,000 plants, making it the largest such facility in the region.
According to a recent Prohibition Partners report, the Southeast Asian medical cannabis market is estimated to grow to $5.8 billion by 2024. This growth trajectory in this potentially lucrative market is based on the progress of other countries in the region, such as Malaysia and Korea, who are studying entering the industry as a response to shifting demographics and changing attitudes about cannabis’ considerable benefits.
“Regardless of where cannabis is grown or by whom, legal cannabis businesses the world over all need the same things: clean, productive crops they can grow consistently and profitably. The most effective way to do that reliably is with genomics for testing and breeding,” said Brendan McKernan, Medicinal Genomics’ CEO. “We are expanding rapidly, and our strategy is straightforward—to support the cannabis industry’s growth around the world, and its need to provide a product consumers can trust and buy with confidence. Cannabis has the power to radically and very quickly transform not just the health and well-being of whole populations, but also the economies in which they live. We’re proud to be able to play a small part in this revolution.”
According to a report by Imarc, the global medical cannabis market could rise in value to $44 billion by 2024, from an estimated $13.4 billion in 2018.
About Medicinal Genomics Corporation
Medicinal Genomics Corporation is a pioneer in advancing the genomics of cannabis to build a stronger scientific foundation for cannabis-based products. The company’s unmatched expertise in genetic science helps cultivators, dispensaries and testing laboratories characterize and understand the quality and consistency of cannabis to ensure patients and consumers have access to consistently safe, high-quality cannabis.
To support their mission, Medicinal Genomics also produces CannMed, an annual cannabis science conference, dedicated to the scientific advancement of the cannabis industry, and Kannapedia, the world’s most complete public cannabis cultivar database. For more information, please visit www.medicinalgenomics.com.
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SOURCE Medicinal Genomics