Philippine Lawmaker Sees a Multibillion-dollar Industry in Medical Marijuana

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  • Camarines Sur Representative Luis Raymund Villafuerte sees a multibillion-dollar industry behind medical marijuana.
  • The Philippine Cannabis Development Authority will be established as the sole leading agency that is authorized to handle the business.
  • Though, the Rep admitted that the bill needs explaining to all facets of the government, as well as to the masses.

According to Camarines Sur Representative Luis Raymund Villafuerte, medical marijuana might just be a multibillion-dollar industry that will provide treatment to ailing Filipinos. 

Rep. Villafuerte said that there is still time for the Philippines to be part of the bandwagon; the country can do so by exporting medical cannabis. In an interview on ANC’s Headstart, the Camarines Sur rep talked about his idea. 

via The Philippine Star

“There are already 60 countries that legalized medical cannabis. That shows it has really great potential for medical purposes, at the same time commercial purpose. It’s use for a lot of medical purposes, if you have migraine, anxiety, its anti-cancer, seizure.” 

Villafuerte proposed a bill and urged a creating of a new government agency. Proposed as the Philippine Cannabis Development Authority, the sole leading agency that is authorized to cultivate, plant, and distribute medical cannabis. 

via WebMD

The congressman said the production of medical cannabis is expected to grow to a $250-$300 billion industry in the next 10 years. When asked why this was his projected numbers, he reason that big companies and pharmacies are seeing and acknowledging the benefits of cannabis. 

Cannabis has two types of species, the hemp which is CBD (cannabidiol) and the THC (tetrahydrocannabinol). Villafuerte clarified that CBD does not have psychoactive euphoric effects when taken in, unlike THC. The bill on medical cannabis focuses on the curative effects of CBD. 

Screengrab via Youtube

“We can start by importing the purest quality of CBD either in the US or Germany. 50 percent of exports in the world come from China now.”

He also admitted that the bill needs to be thoroughly explained to both chambers of Congress as well as to the public and the President. 

“With proper explanation and if the public accepts this, I think they will be open to it.”

Source: ABS-CBN

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