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The legalization of hemp cultivation in 2018 has been vital in challenging that stigma .
plant that has a low THC content ( 0.3 percent or less ) of the dominant psychotropic cannabinoid in the cannabis plant .
Hemp is cultivated for a wide variety of industrial and nutritional uses and is used in the production of everything from food products to fabrics , textiles , and construction materials . Despite being grown as a cash crop for thousands of years , the stigma of its link to more psychotropic variants of the plant – such as marijuana - led to a gradual decline in its cultivation in India .
The legalization of hemp cultivation in 2018 has been vital in challenging that stigma . From a commercial standpoint , it has provided a much-needed boost to small-scale cultivators and farmers , providing them with an additional income stream and widening the cash crop options available to them . The global industrial hemp market is projected to hit USD 18.6 billion by 2027 , growing by almost 22 percent annually . This move also offers India the opportunity to be an integral part of this global revolution and gives growers the confidence to enter this market
with the backing of the government .
It also led to the Centre ’ s clarification on the permissible use of medical cannabis earlier this year , setting the ball rolling for the medical cannabis industry . By challenging the longstanding NDPS Act , it paved the way for further concessions and breakthroughs and initiated a conversation on a topic that had long-remained taboo at a governmental and scientific level .
Cannabis as a New Medical Avenue Despite these successes , there still remain several barriers to the growth of medical cannabis . Key among them is that cannabis required for medical usage ( containing a THC percentage of over 0.3 percent ) is still illegal to farm . Although conversations around the controlled cultivation of this crop have begun , any legislation allowing for the same still faces a long road .
This is compounded by the fact that isolating CBD , the active ingredient in cannabis , is also illegal within the country , and at best exists within a grey area of the law . To truly unlock the potential inherent within this space , the government needs to take a number of concrete steps . The clarification issued on the usage of medical cannabis is a fabulous first step , which should be followed up and expanded upon . Active encouragement into the research possibilities of medical cannabis , the ailments it can address , and the benefits of incorporating cannabis into the revenue system need to occur . Government funding into publicsector research in the space , and issuing guidelines for private research on the same , will also prove critical .
Cannabis has now established itself as an essential part of the global medical landscape . India must now decide whether it wants to lead the charge in an exciting new area of research and become a global leader in the trade , or sit to the side as an exciting opportunity passes us by . The choice is clear .
ABHISHEK MOHAN , `FOUNDER & CEO , HEMPSTREET
In 2019 , Abhishek co-founded HempStreet with an aim to build a global institution in Phytopharmaceutical R & D and medicine to tackle mass ailments such as the chronic pain epidemic and to fight the looming opioid crisis in India . HempStreet is India ' s first and largest research to retail player in the Ayurveda cannabis space . Prior to HempStreet , Abhishek had multiple international stints across South East Asia and was a co-founder at Technology 9 Labs which was a venture studio with a portfolio of 41 startups . Five years down the line , Abhishek plans to take HempStreet ’ s global footprint to 15 countries , having served at least 100 million patients .
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BioVoiceNews | December 2022